Tax revenue News

Since the implementation of the GST in July 2017, Gujarat has consistently ranked among the top-performing states in terms of GST revenue collection. 

The new Budget will come on the back of the government again overachieving its gross fiscal deficit target in FY25 at 4.7 per cent of the GDP vs 4.9 per cent in FY25 (RE) amid solid personal Income Tax revenue stream. 

In contrast, fiscal deficits in other South Asian nations are projected to remain stable due to fiscal adjustments being offset by higher interest payments in Pakistan and infrastructure investments in Bangladesh. 

High growth was recorded in corporate and personal income taxes.

India's fiscal deficit touched Rs 5.64 lakh crore at the end of January, 105.7 percent of the full-year target, mainly due to lower realisation of non-tax revenue.

The fiscal deficit is the gap between expenditure and revenue.

The Swiss government said Wednesday it suffered its first federal budget deficit in nearly a decade last year following a surprise 9 percent drop in key sources of tax revenue.

Jaitley also said that the government's tax revenue collections have been good, although refunds for past periods are making an impact.

The government's direct tax collections during April-November of this fiscal rose 5.67 percent to Rs 3.29 lakh crore over the same period a year ago.

Over Rs 74,000 crore in central excise and service tax revenue is pending realisation for 2012 -13 on various grounds, including that of injunction or appeal.

Indirect tax collections rose by 4.6 percent from Rs 1,85,881 Crore in April-August 2013 to 1,94,492 Crore during April-August 2014.