Page 4 - Tax Collections

Borrowings by states double to Rs 1.7 trn in Q1FY21 over Covid-19: Icra

"Icra estimates the net SDL (state development loans) issuance in Q1 FY2021 to have expanded by a sharp 135.6 per cent to Rs 1.4 trillion from Rs 0.6 trillion in Q1 FY2020," it said

Decline in tax revenue collection narrows to 37% in May as economy picks up

Gross tax revenue in May stood at Rs 58,533 crore, against Rs 93,389 crore in the same month last year, revealed the data by the Controller General of Accounts on Tuesday.

Fall in direct tax collection on expected lines and temporary: CBDT

The CBDT said the assertion that in spite of the tax reforms, the investment has not been picking up is not correct and is without an appreciation of the reality of the business world

FinMin sanctions Rs 92,077 cr to states as devolution of central taxes

The Budget had projected the share of the states in taxes at Rs 7.84 trilllion for 2020-21.

Dangerous crossroads: Extraordinary steps have the habit of becoming habits

Printing money to fund crisis measures is not without risk; countries like the US might get away with it, but the price for excess is always greater for a developing country, writes T N Ninan

Best of BS Opinion: Trump's India visit, SC blow on AGR dues, and more

From Trump's first India visit after Senate acquittal to SC blow on AGR dues, here are the opinion pieces of the day.

Tax collection at source on LRS to hit education abroad

The TCS is imposed on all LRS transactions above Rs 7 lakh including travel overseas

Union Budget 2020: Corporate tax growth of 12% for FY21 'unrealistic'

India Inc tax collections to fall 8% in FY20

Finance Commission: 41% of taxes go to States; 1% for J&K, Ladakh in FY21

The 15th Finance Commission on Saturday recommended 41 per cent share in the divisible pool of taxes for states and 1 per cent for the newly created Union territories of Jammu & Kashmir and Ladakh for the financial year 2020-21, thus retaining the devolution formula of the earlier Commission. The 14th Commission had recommended the share of states at 42 per cent in the divisible pool of taxes. In her Budget Speech, Finance Minister Nirmala Sitharaman said the commission has given its first report pertaining to 2020-21. "In the spirit of co-operative federalism, I am pleased to announce that we have, in substantial measure, accepted the recommendations of the commission," she said. The commission would submit its final report to the President during the latter part of the year, for five years beginning 2021-22. The first report said that for 2020-21, the commission is inclined to leave the vertical split of divisible pool at the same level as recommended by the 14th ...

GST, VAT collection dips as 6 states' tax revenue till November FY20 falls

On the other hand, tax revenues rose 13.44 per cent for West Bengal in this period

Calibrating the policy mix

The right fiscal-monetary-external balance must be achieved to nurture and harness a nascent recovery

UP collects Rs 80,000 crore in taxes during first 8 months of FY19

Yogi government to target tax evaders through stiffer enforcement of tax rules

EAC of Finance Commission deliberates on ways to improve tax collections

Talking to reporters, Finance Commission Chairman N K Singh said the Commission plans to make recommendations on Goods and Services Tax (GST), which will be for the GST Council to consider

Top 10 business headlines: Tax mop-up contracts, BPCL stake sale and more

From cars to cost more in new year, Sebi giving time to six brokers to wind up clients to NTPC planning to expand in its renewables capacity, Business Standard bring you the top headlines of the day

Amid slowing economy, corporation tax mop-up contracts 1% in Apr-Nov

The collection numbers are expected to worsen further once the impact of the corporation tax rate cuts becomes visible in the third advance tax collection instalment due on December 15

Slowdown, falling tax mop-up may force govt to slash spending again: CRISIL

With little headroom for fiscal expansion given the falling tax collections, the government will have to cut its expenditure, says an economist. The fiscal deficit target of 3.4 per cent of GDP is likely to slip, DK Joshi, the chief economist at the rating agency crisil said here on Friday. "Fiscal policy doesn't have much space. Government is avoiding any fiscal stimulus to the economy and revenues are falling short. They will have to cut expenditure again just as they did last year unless they are able to realise a lot of money by privatisation or divestment or asset sales," Joshi said at an S&P Dow Jones Indices event. He said the GDP growth, which slipped to 5 per cent in the first quarter, is expected to be worst in the second quarter- sub 5 per cent. "We hope that it is going to be bottom out soon and we will see a very mild recovery," he said. Joshi said with the stronger mandate, the Narendra Modi-led government has the ability to take stronger measures to ..

GST only needs simplification

The truth is that tax collection is never much affected by a complicated tax structure

Pragmatic tax collection can cut fiscal deficit

Time has come to monitor empirically the buoyancy and elasticity of the tax system

Tax proposals to yield additional Rs 30,000 cr in FY20: Revenue Secretary

He said the exchequer will mobilise the additional resources by way of increase in duty and cess on petrol and diesel, customs duty on gold and precious metals, besides higher surcharge on super-rich

Customs, IGST collection nearly doubles to Rs 30,000 crore in July

July collections compare to indirect tax collection of over Rs 16,000 cr of the same month of 2016