Revival of economic activity should overwhelm its agenda
This indicates that GST revenue for May, but collected in June, could recover after reporting a close to 85% shortfall in April vis-a-vis last year
Collections may come under pressure once the base effect wears off
Raising GST rates or rationalisation of tax slabs may be discussed by the GST Council in the next meeting to be scheduled early next month.
The move will help release liquidity worth Rs 50,000 crore, according to government estimates. Experts, however, feel that its impact will be limited as tax incidence remained the same.
Despite efforts to diversify the economy, the kingdom continues to rely heavily on oil for revenue.
The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown
The work scenario has changed across the world due to Covid with most employees working from homes while others may have got stuck in foreign countries because of the lockdown
Corporation and income tax collection for the current year is likely to fall for the first time in at least two decades
Income tax collection target for next fiscal is pegged at Rs 6.38 trillion and corporate tax collection at Rs 6.81 trillion
The states' revenue from the central tax pool was up 25.8 per cent YoY in FY19, while it was down 0.4 per cent YoY in FY18
The fiscal multiplied impact of higher government consumption spending is coupled with signal to household sector to spend more
Ocean freight is the cost incurred through an agreement between two foreign parties to bring goods to India via ocean.
The numbers become all the more important because actual tax collections fell short by Rs 1.91 trn compared to what was projected in 2018-19.
The government had budgeted gross tax revenues of Rs 24.59 trillion
The Council decided to restrict ITC for unmatched invoices, improve tax collection, get more persons to file returns and rationalise some rates
For the deficit to be 3.3 per cent of GDP, it assumes a nominal GDP growth of 12 per cent in FY20
Net collection grows only 0.7% to Rs 6.75 trillion
The new government will have to factor in the economic slowdown and the dip in tax collection before committing the state's finances to various projects
As part of their statewide agitation, BJP protested the toll tax on private vehicles on state highways