Tax Revenues

Thrissur-based ayurveda group Vaidyaratnam is looking at closing the current fiscal with a Rs 240 crore revenue and double the same by 2030 when it hopes to go public. The 99-year-old entity is the only ayurveda group that follows the holistic Ashtavaidya tradition. It was started by the late Eledath Thaikkattu Neelakandan Mooss in Thaikkattussery in Thrissur in 1924. The company recorded a revenue of Rs 220 crore, of which Rs 170 crore came in from products/medicines and the rest from services in FY22. This year, they expect only a marginal increase in revenue to Rs 240 crore (Rs 190 crore from products and the rest from services) due to the sharp spike in input costs. "Our 2030 plan envisages more than doubling the turnover to Rs 500 crore. We hope to drive this primarily by entering new categories of treatment like infertility, sports and lifestyle diseases, among others -- and also launching new medical products, especially in the nutraceuticals," Ashtavaidyan Dr Yadu Narayanan

Consumer durable product maker Usha International is looking to close the current financial year with a revenue of around Rs 3,800 crore, said its CEO Dinesh Chhabra. As part of its strategy, the company is pursuing "profitable growth" across its segments with quality and not chasing the market shares, he said. "We would attempt to close to Rs 3,700 crore to Rs 3,800 crore in FY23," Chhabra told PTI. Usha International operates in the consumer durable space with a product portfolio, including fans, sewing machines, home appliances and power products. Presently 45 per cent of Usha International's business comes from the fan segment, while the rest is contributed by others. When asked about growth, Chhabra said he expects growth from all the segments. However, he also added: "I see growth from the cooking segment to be far better than fan as its penetration levels are low." The cooking range includes mixers, juicers, grinders, grillers and toasters etc. from where the growth would

The budget pegs tax revenue at Rs 33.6 trillion, which is higher by 10.4 per cent over Rs 30.4 trillion projected in revised estimates for the current financial year (FY23)

Stresses Budget estimates were made before Ukraine war

From an adventurous start in 2019 to modest revenue projections last year, there has been a marked change in Ms Sitharaman's approach. T N Ninan looks at what can be expected in Budget 2023

Directive issued for maximising revenue collection and monitoring advance tax mop up

The net tax revenue budget estimate for FY23 was Rs 19.35 trillion; a boost of Rs 4.5 trillion would take the revised estimates to Rs 23.85 trillion

Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance

The Centre is likely to meet the key fiscal targets led by the deficit getting contained at the budgeted target of 6.4 per cent in the current financial year, mainly due to better tax collection, according to a report. Bank of America Securities on Friday said the key risks to budgeted fiscal deficit include higher subsidies, lower divestment proceeds, excise duty cut on petrol and diesel. But the offsetting factors include better than estimated tax revenue buoyancy, higher nominal GDP growth, and lower capex loan to states, it said in a report. Accordingly, the brokerage said it expects the government to meet the budgeted FY23 fiscal deficit target at 6.4 per cent of GDP despite upside risks. The report also noted that it was expecting the government to undershoot the fiscal deficit target when the budget was presented at 6 per cent. However, as the year progressed, the outbreak of the Ukraine war started to exert meaningful pressure on global commodity prices, particularly food,

Experts caution that fiscal support alone may create artificial demand and jack up prices

The Andhra Pradesh government is all set to enhance the quarterly tax on transport vehicles to raise an additional revenue of Rs 200 crore. Chief Minister Y S Jagan Mohan Reddy, at a recent meeting on resource mobilisation, gave the clearance to the quarterly tax hike proposal, official sources said here. Accordingly, the Transport Department prepared the plan to enhance the quarterly tax by 20-25 per cent on transport vehicles like taxis, trucks and buses, the sources said. In December last year, the state government increased the life tax on two- and four-wheelers and also the green tax to generate an extra revenue of Rs 400 crore per year. The life tax hike resulted in a 38.88 per cent jump in revenue to Rs 1,215.51 crore in the first six months of the 2022-23 financial year, as against Rs 875.20 crore in the corresponding period last year. Even before the proposed enhancement, quarterly tax on transport vehicles also saw a jump of 31.57 per cent to Rs 529.86 crore in the first

Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in

India may keep its market borrowing plan for the financial year intact, with a recent uptick in revenues likely to lead to a discussion on whether the target can be reduced

April-June fiscal deficit at 21.2% of Budget Estimates

Changes in import duty and a windfall tax on fuel exports will not only offset duty cuts on fuels but will also increase overall tax collection over budget target to Rs 20.70 trillion, a report said

According to a report by a Geneva-based think tank, the loss of revenue was from the import of just 49 products like movies, music, and video games

The country's tax collections soared to a record high of Rs 27.07 lakh crore last year, compared to budget estimate of Rs 22.17 lakh crore.

The proposed reforms, planned for 2023 or 2024, aim to discourage multinationals from shifting profits to low-tax countries

It will be interesting to see if Shaktikanta Das can keep his political masters in good humor. Or if his relationship with the government - like that of his two predecessors - will also start to fray

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