Tax Collections News

The Non-corporate tax collections surged to Rs 13.73 crore from Rs 11.68 lakh crore last fiscal year. 

For FY26, the government has targeted a 7.4 per cent increase in capex, signaling a commitment to investment in infrastructure while continuing to reduce subsidy allocations. 

The advance tax collections for the first quarter of 2022-23 stand at Rs 1,01,017 crore. The tax comprises corporation tax at Rs 78,842 crore and personal income tax at Rs 22,175 crore. The TDS collections for FY 2022-23 (as on June 16, 2022) stand at Rs 2,29,676 crore.

Tax receipts were about USD 7.8 billion in July - a little over half the monthly target - mostly because millions of firms failed to comply with the new Goods and Services Tax (GST) system that harmonises all state and central sales taxes but is still a work in progress.

India's maiden GST revenue mop-up got off to a bumper start, with Finance Minister Arun Jaitley saying on Tuesday that taxes worth Rs 92,283 crore were collected in July from just 64.42 percent of the total taxpayer base.

Finance Minister Arun Jaitley on Monday said that the indirect and direct tax collections between April and December this year increased by 25 percent and 12.01 percent respectively compared to the same period last year.

Snapping the last 2-week losing streak, BSE benchmark Sensex and CNX Nifty regained by 586 points and 200 points respectively on bargain hunting from domestic mutual funds despite selling from foreign funds.

The New Delhi Municipal Council (NDMC) has recovered a record property tax collection of over Rs 290 crore during the current financial year so far, the highest figure in the last five years.

Indirect tax collections rose 36.5 percent in April-August to over Rs 2.63 lakh crore, suggesting that the underlying momentum in the economy is strong, the Finance Ministry said Wednesday.

Finance Minister Arun Jaitley on Monday said direct tax collections for the current financial year were likely to increase by 14-15 percent, enabling the government to improve upon its fiscal deficit target of 3.9 percent.

Jaitley further said that improvement in tax collection will increase the ability of the government to step up spending on social and infrastructure projects.

While addressing the conference he said that we have to bring tax rate at global level while t the same time removing the exemptions.

Direct tax collections touched Rs 6,96,200 crore during 2014-15 despite difficulties on the economic front, marginally falling short of the target.

Indirect tax collections rose marginally by 7.1 percent in the April-November period to over Rs 3.28 lakh crore, mainly on account of increase in revenue from service tax and customs.

Indirect tax revenues rose marginally by 5.6 percent in the April-October period to over Rs 2.85 lakh crore, mainly on account of increase in service tax and customs collections.

Indirect tax mop up inched up by 4.6 percent in the April-August period of this fiscal, while customs duty and excise duty collections rose marginally.