Indirect Tax Collection

With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months

Issues a separate circular on limitation period of show-cause notices

Direct taxes fall 42% to Rs 34,972 crore, from Rs 60,363 crore in August last year

Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17

The ministry said refunds amounting to Rs 1.19 trillion have been issued till September 8 this fiscal year, 65.3 per cent higher than the refunds issued for the same period in FY22.

Revenue secretary attributes it to cuts in excise and Customs duties

Direct taxes, which comprise income tax paid by individuals and corporate tax, came in at Rs 14.10 lakh crore -- Rs 3.02 lakh crore higher than the budget estimate

FinMin also exploring the option of rationalising capital gains tax rates

Year-on-year, the collections grew by 83%. This growth was misleading since it comes on a 30% drop in tax mop-up a year earlier

Rising Covid cases could reverse recent gains

Customs duty collections stood at Rs 1.32 trillion during FY'21, representing around 21 per cent growth.

Elaborating on the fiscal situation, the former finance secretary said that indirect taxes, GST, excise duty on petroleum products and customs will under-perform

Export, import, private investment, domestic demand, direct tax revenue, and indirect tax collection all show a declining trend

Indirect tax collections are likely to fall short by Rs 90,000 crore in the current fiscal on account of subdued GST mop-up and excise duty cut on petroleum products, an SBI research report said Thursday. According to the Budget Estimate, the government proposed to mop up Rs 7.4 lakh crore from the goods and services tax (GST) and Rs 2.6 lakh crore from Union excise duties. Excise duty was subsumed under GST, except on petroleum items and liquor & alcoholic products used for human consumption. "We expect a shortfall of around Rs 90,000 crore in GST and excise collections, out of which Rs 10,500 crore is on account of reduction of excise duty on petroleum products by Rs 1.50 per litre," said SBI Ecowrap report. Total GST collections come at Rs 6.78 lakh crore as compared with the 2018-19 Budget Estimate of Rs 7.44 lakh crore, including SGST and IGST. "If we exclude SGST and proceeds of IGST contributed to states, the GST collection of the Centre comes to Rs 3.46 lakh crore (47 per .

Corporation tax collections up just 4%; indirect tax kitty up 31%

The actual collection surpassed the target of Rs 11,420 crore set for FY16.