Indirect tax News

Net corporate tax collections of Rs 5.10 lakh crore and non-corporate taxes, such as Rs 6.62 lakh crore paid by individuals, HUFs, and firms.

There are two main types of taxes: direct taxation and indirect taxation

Indirect tax is a kind of tax that can move from one place to another.

The government has settled Rs 37,581 crore to CGST and Rs 31,408 crore to SGST from IGST. The total revenue of Centre and the states in August 2023 after regular settlement was Rs 65,909 crore for CGST and Rs 67,202 crore for SGST. The revenues for August 2023 are 11 per cent higher than the GST revenues in the same month last year.

In the financial year 2021-22, the Government of India had received Rs 27 lakh crore as tax. Of these, Rs 14 lakh crore was received by the government in the form of direct tax and Rs 13 lakh crore in the form of indirect tax. But what facilities government has provided in return?

The number of e-Returns submitted for Assessment Year 2018-19 is 6,49,39,586 as against 5,47,30,304 e-Returns filed for the Assessment Year 2017-18.

In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for assessment year 2018-19 (financial year 2017-18), up 18.65 per cent from over 5.47 crore in assessment year 2017-18.

The Narendra Modi government on Monday tabled in Parliament, the Economic Survey 2018, which has pegged 2018-19 GDP growth at 7-7.5 per cent. The Economic Survey further raised concerns on high oil prices.

The move, which is aimed to make direct taxes - income and corporate - simple, comes ahead of BJP-led government's last full Budget.

With less than 10 days to go for the biggest indirect tax reform to take effect, retailers are rushing to clear their stocks by offering huge discounts ranging from around 30 percent to 60 percent.

Touted as the biggest indirect tax reform since independence, GST would subsume central excise, service tax and other local levies.

The government's revenue collection from indirect tax during April-February grew by an impressive 22.2 percent while that of direct tax rose by 10.7 percent.  

Tata Motors and Kingfisher Airlines are among the four companies that owe over Rs 1,000 crore in indirect taxes to the exchequer, Parliament was informed on Friday.

To fast-track disposal of tax cases, CBDT has started reviewing performance of its officers and asked commissioners to submit data on number of appeals they have disposed of every month against the given target.

Government's revenue collection in April to September -- the first half of the current fiscal -- saw indirect tax-mop up growing at an impressive 26 percent while that of direct tax came in at a tepid 9 percent.

Direct tax collections during the six months ended September grew about 9 percent to Rs 3.27 lakh crore, buoyed mainly by personal income tax mop-up.

The council will decide on long pending issues of threshold limit for applicability of the tax as well as the limit for dual control between Centre and states. Union Finance Minister Arun Jaitley will chair the meeting.

Reflecting an upturn in economic activity, government's revenue collection showed an impressive growth in April-July period of this fiscal, with total direct and indirect tax mop-up rising to Rs 4.3 lakh crore.

The Cabinet on Thursday cleared changes in the GST Constitutional Amendment Bill, dropping 1 percent manufacturing tax and providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime.

 The Union Cabinet on Wednesday approved changes in the GST Constitutional Amendment Bill providing for full compensation to states for first five years of roll out of the new indirect tax regime.