Tax collection News

Ram Mandir Tax Collection: The holy city Ayodhya has witnessed a tremendous increase in tourists and has emerged as a major religious tourism hub, generating employment opportunities for the local people. Moreover, the construction of the Ram temple has not only transformed the religious landscape of Ayodhya but has also had a profound impact on the city's economy.    

The gross collection of direct tax grew 22.30 per cent to Rs 13.57 lakh crore year on year, as of 10 October, the data shows. 

After adjusting refunds, net direct tax collection was at Rs 13.73 lakh crore which is 16.78 percent higher than the net collections for the corresponding period of last year.

Direct taxes came in at Rs 14.10 lakh crore. Indirect taxes like excise duty stood Rs 1.88 lakh crore higher than the budget estimate. Indirect tax mop-up was Rs 12.90 lakh crore, he said.

Advance Tax collections at Rs 4.95 lakh crore. Growth of approximately 6.7%. Refunds amounting to Rs 2.61 lakh crore issued.

Ministry of Road Transport and Highways wants to increase digital toll collection to 100 percent in the next 2-3 years through FASTag The government has set an ambitious target of reaching Rs 1 lakh crore tax collection target in the next 4-5 years FASTag, presently operational at 180 toll plazas across national and state highways, is a perfect solution for a hassle-free trip on national highways

Watch the complete segment of DNA with Sudhir Chaudhary, December 7th, 2018. This segment of DNA brings to you analysis of top news of the day.

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The Finance Minister said that even before GST was rolled out, the impact of demonetisation has expanded the number of assessees under the personal income tax.

The chamber also noted a 41.79 percent increase in the advance tax collections of Personal Income Tax, as on August 05. 

The government has collected over Rs 1.80 lakh crore in direct tax till July 15 in the current fiscal, an increase of 21.4 pre cent year-on-year, "belying" fears of slowdown in economic activities.

 The Goods and Services Tax (GST) will help bring down the inflation by one to two percent by the end of this year, Revenue Secretary Hasmukh Adhia has been quoted, as saying.  

Traders and businesses will have to display the GST registration number on their business sign boards and the registration certificate in premises.

The government has exceeded the tax collection estimates for 2016-17 fiscal at Rs 17.10 lakh crore.  

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.  

Government's revenue collection from indirect tax grew by an impressive 23.9 percent during the April-January period, while that from direct tax rose by 10.79 percent.

The economy under Modi's leadership has seen a major improvement in the past ten months on several fronts; however, certain hiccups are still there which will take time to sort out.

Union Finance Minister Arun Jaitley on Thursday said that the impact of demonetisation is clearly visible with tax collection figures seeing double-digit growth.

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.

The collection up to June indicate that 25.7 percent of the annual budget target of indirect taxes has been achieved in the first three months of the fiscal.