Revenue collection News

Last week, the Finance Ministry had released initial figures of the GST collection for February which showed a decline in revenue by Rs 1,144 crore compared to January. 

Revenue collection from telecom services in form of license fee and spectrum usage charges may be adversely impacted in the current fiscal if sales revenue of operators continues to decline, Union minister Manoj Sinha said on Wednesday.

Net income tax collection till June 15 grew at a healthy 26.2 percent to Rs 1,01,024 crore from across the country as of June 15 from Rs 80,075 crore in the year ago period.

Indirect tax collections have registered an increase of almost 36 percent in the first seven months of the current fiscal.

Government's revenue collection from taxes on petrol and diesel rose to Rs 75,441 crore in 2014-15, a rise of over 60 percent from 2012-13, Parliament was informed on Friday.

Meeting the budgeted fiscal deficit target of 4.1 percent of GDP for the current financial year looks "challenging", says Japanese brokerage firm Nomura.

Among host of issues that pose a challenge to the revenue collection, official said, the FM would review the shortage of tax collection under Tax Deducted at Source (TDS) category.

The government estimates to garner Rs 13.64 lakh crore from both direct and indirect tax collection during the current fiscal.