While India is not the richest country in the world, the tax collection here is one of the highest and the income tax rate should be reduced to 25 per cent from around 40 per cent at present, eminent economist Surjit Bhalla said. While speaking to PTI, Bhalla said reduction in tax rate is required … Read more
India will be among only a few economies in the world to rebound strongly from COVID-19 induced economic contraction of 2020-21, a Finance Ministry report said assuaging that the Omicron variant’s impact on the economy will be less severe due to rapid vaccination. Real GDP in Q2 of FY2021-22 has grown by 8.4 per cent … Read more
India will utilise a big bump in revenue collection to fund welfare programmes instead of trying to beat its fiscal deficit target or lower borrowing, two government sources told Reuters. The country is set to exceed its 2020/21 revenue collection target of Rs 15.45 lakh crore ($207.77 billion), the first beat in four years, but … Read more
Gross Goods and service tax (GST) collection for the month of October came in at Rs 1,30,127 crore, the second-highest collection since GST was implemented in July 2017 & second only to GST revenues collected in April 2021. Revenues for the month are 24% higher year-on-year, the Finance Ministry said in a statement on Monday. … Read more
Despite the massive windfall gains from fuel taxes and GST collections, the Centre continues to borrow heavily from the market, with the total drawdown crossing 90 per cent of the notified amount so far or 46 per cent of the total borrowings for FY22, even though the second quarter is only halfway, as per a … Read more
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh … Read more
Tax collection: Old view to newThis journey of history is reflected in mythology as polytheism moving towards monotheism. In politics, it is from many tax-collectors to one tax-collector. Source link
Mumbai: Advance tax collections fell 25.5 per cent to Rs 1,59,057 crore in the second quarter of the fiscal, an income tax official said on Thursday. However, there was improvement over the first quarter ended June, when advance tax revenue had plunged 76 per cent to a tepid Rs 11,714 crore as the whole economy … Read more