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What is Tax Collection?
Tax revenue is the result of the application of a tax rate to a tax base. Total tax revenue as a percentage of GDP indicates the share of the country's output collected by the government through taxes. Tax revenue can be regarded as one measure of the degree to which the government controls the economy's resources.
Latest Updates on Tax Collection
Odisha, Rajasthan, Chhattisgarh, Karnataka and Jharkhand, are India's top five mineral producing states by value annually, and in the same order as of FY23 data
Implementation of 20% tax on foreign remittances put off until October 1
The net tax growth rate in some of these regions was below expectations, said two people privy to the development
The revised estimates (RE) for the current fiscal pegged gross tax revenues at Rs 30.43 lakh crore, higher than the budget estimates of Rs 27.57 lakh crore
The TCS, is not in itself, a tax and credit for the amount paid on any transaction is available to the person to adjust against their tax liability for the year
Presently, no TDS is required on interest payable in the case of listed dematerialised securities
The Budget was an effort in moving to a new tax regime which is simple and more open
The money can be adjusted later, but the blocking of 20 per cent capital till tax filing is likely to dissuade direct investment in foreign equities
However, the corporate tax collection is yet to surpass its five-year high of 3.51 per cent of GDP recorded in 2018-19
Issues a separate circular on limitation period of show-cause notices
The Central government has set a target of Rs 14,20,000 crore for collection of direct taxes as per budget estimates for 2022-23
Move seen as part of department's revenue maximisation exercise
Net direct tax collection has grown 19% to over Rs 11.35 trillion
Directive issued for maximising revenue collection and monitoring advance tax mop up
Higher tax exemption slabs may exclude significant numbers from existing pool
India's tax collection will exceed the budget estimate by nearly Rs 4 trillion in the current fiscal on the back of buoyant income tax, customs duty and GST mop-up, Revenue Secretary Tarun Bajaj said
It may look surprising but it is a fact that the property tax revenue of the municipal bodies in Delhi is much more than that of bigger states including Uttar Pradesh, Madhya Pradesh, Rajasthan
The report also noted that it was expecting the government to undershoot the fiscal deficit target when the budget was presented at 6%
The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year
India's union budget, due to be presented in February, will outline the federal spending plan for the coming fiscal year