Direct tax collections rise almost 16 per cent to Rs 6.53 lakh crore so far in current fiscal: CBDT
Business | August 11, 2023 17:42 ISTThe collection is 32.03 per cent of the total budget estimates of direct taxes for the current fiscal 2023-24.
The collection is 32.03 per cent of the total budget estimates of direct taxes for the current fiscal 2023-24.
In a statement, the ministry said that the corporation tax (CIT) will be Rs 1,56,949 crore and the personal income tax (PIT) will be Rs 2,22,196 crore, including the Securities Transaction Tax (STT).
Tax collection in India: While speaking to media, Bhalla said reduction in tax rate is required to accelerate the pace of economic growth.
MCD property tax collection: Under this scheme, property owners of authorised and regularised colonies can settle all property tax related liabilities by paying property tax of the residential properties for the current year and previous five years.
The GST Council is likely to approve a two-year extension of the compensation cess levy on goods and services to allow the Centre to pay the entire shortfall in GST tax collection by states expected till June 2022.
The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal, Parliament was informed on Tuesday. The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on March 31, at Rs 11.70 lakh crore.
Private vehicles were exempted from paying toll tax on state highways in April last year in Rajasthan, but the Congress government in the state decided to reverse the decision for maintenance and repairing of roads
As against a steep 17.5 percent higher tax collection budgeted for the full year, the government could mop-up only 4.7 percent more so far this year, with the direct tax kitty growing to Rs 5.50 lakh crore as of September 17, up from Rs 5.25 lakh crore a year-ago.
With all but 50 items removed from the highest GST rate slab, collections in October fell to Rs 83,346 crore from over Rs 92,000 crore in September, official data showed on Monday.
The government has collected Rs 4.39 lakh crore in direct taxes, up 15.2 per cent year-on- year, during the first seven months of the current fiscal.
India's direct tax collections for April-September rose 15.8 per cent to Rs 3.86 lakh crore, buoyed by a healthy growth in advance tax mop-up, the finance ministry said.
India's GST revenue collections for August stood at Rs 90,669 crore. GST mop-up for July stood at Rs 94,063 crore, up from the initial projection of Rs 92,283 crore.
Finance Minister Arun Jaitley presented the tax collection data to prove that we are largely a tax non-compliant society.
Finance Minister Arun Jaitley on Monday said that the tax collection has gone up in nine months from April 2016 to December 2016, indicating a robust gain despite demonetisation.
Direct tax collection was up by 10.6 per cent to Rs 3.77 lakh crore while the indirect tax collection jumped by 26.7 per cent to Rs 4.85 lakh crore during the April to October period this year
CBDT has asked tax officials to pull up their socks to ensure targeted revenue collection targets are met as the figures till September show an estimated shortfall of over Rs 14,000 crore.
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