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Net direct tax revenue jumps 6.3% to Rs 11.89 lakh crore till Oct 12

Non-corporate tax, which includes individuals and HUFs, mop-up so far this fiscal stood at about Rs 6.55 lakh crore, up from over Rs 5.93 lakh crore in the same period of the last year

Net direct tax collection slips 1.39% to Rs 4.58 lakh crore; refunds surge over 58%

While the non-corporate tax witnessed 2.68 percent negative growth in advance tax, corporate tax grew by 5.86 percent till June 19.

Finance Bill proposal to scrap 6% equalisation levy on online advertising from April 2025 to benefit Google, Meta

The move comes amid renewed trade negotiations with the United States. The removal will benefit non-resident entities which are into digital advertising services.

Higher personal income tax collections could bolster direct tax collections by Rs 13,000 cr for FY25

The stronger-than-anticipated direct tax inflows provide the government with additional fiscal room.

Budget pegs FY26 gross tax collection at Rs 42.7 lakh crore, up 11%

The projected increase aligns with the government's strategy to enhance revenue generation while maintaining fiscal discipline.

India's fiscal deficit for April-August at Rs 4.35 lakh cr, 27% of full-year target

Borrowing calendar for second year showed that the government is expecting to rake up Rs 6.61 lakh crore, in line with the Budget, in the second half of the year, of which a significant proportion is to come from longer-tenure securities

GST buoyancy expected to decline, but will stay above one, says CBIC Chairman

The ministry has set a target of increasing GST collections by 11 percent in FY25, against a GDP growth of 10.5 percent.

Budget 2024: FM Sitharaman sets FY25 tax mop-up target at Rs 38.4 lakh crore

In the past two years, tax collections have been more than the revised estimate in the Union Budget.

Net direct tax collection at Rs 10.64 lakh crore in Apr-Nov; 58.34% of BE

Special initiative was taken for cases where refunds had failed initially and subsequently issued to validated bank accounts, the ministry said.

Direct tax collections at Rs 4.75 lakh crore, up 15.87% so far in FY24

Without adjusting for refunds, gross direct tax collected until July 9 amounted to Rs 5.17 lakh crore, 14.65 percent higher on an year-on-year basis.

Domestic tour operators welcome govt move to defer hike in TCS on overseas packages

In a statement, Indian Association of Tour Operators (IATO) — the apex body of tour operators in the country with more than 1,700 members — thanked the government for ”giving partial relief of deferring Tax Collection at Source (TCS) on the overseas tour packages till September 30, 2023, and also for withdrawing increase of TCS percentage from 5 per cent to 20 per cent on amount up to Rs 7 lakh per annum”.

Tax collection in India one of the highest, reduce direct tax to 25% from 40%: Surjit Bhalla

The Budget 2023-24 had lowered India's highest rate of income tax from 42.74 per cent, by reducing the surcharge applicable on high net-worth individuals.

Direct tax collection surges by 35% to Rs 6.48 lakh crore

This collection is 37.24 percent of the total Budget Estimates of Direct Taxes for 2022-23, the Income Tax Department said.

UP government eyes increase in tax collection to Rs 1.50 lakh crore during FY23

For the fiscal year 2022–2023, the Uttar Pradesh government is anticipated to boost its income collection target from Rs 98,107 crore to Rs 1.50 lakh crore, which would represent an increase of roughly Rs 57,000 crore.

Direct tax collection beats revised estimates, stands at Rs 13.63 lakh crore: CBDT chief

The government's cumulative collection through tax deducted at source (TDS) currently stood at Rs 6.79 lakh crore and corporate tax collection stood at Rs 7.19 lakh crore, CBDT Chairman JB Mohapatra said.

Clean energy can pollute India's fiscal climate

Solar and wind energy must certainly replace fossil fuels, but India’s ambitious targets of clean energy need to be accompanied with a clear road map on how tax revenue will keep pace with the targeted reduction in the use of coal and oil

INTERVIEW | Cutting income tax rates isn't the only way to provide relief: Finance Secretary

In an exclusive interview to Moneycontrol, Ajay Bhushan Pandey said that GST collections in the last couple of months have improved because of systemic changes undertaken by the department of revenue, without increasing tax rates.

Budget 2021-22: After repeated misses, this Budget sets modest tax collection targets

There could be legitimate concerns over whether fiscal expansionism through capital expenditure would manifest the desired results. But over-optimistic projections and below-the-line accounting aren't any of them.

CGA data: Declining trend in corporate tax collection remains a worry

The government's net direct tax collection fell 31 percent year-on-year to Rs 1.92 lakh crore in April-August 2020, Minister of State for Finance Anurag Singh Thakur said in Parliament. Net direct tax collection was Rs 2.79 lakh crore in April-August 2019.

Total tax collection plunges 22.5% to Rs 2.54 lakh crore so far this fiscal

Reflecting the tepid recovery in the overall economy after lifting of national lockdow..

Total tax collection falls 22.5% till September 15: Source

During the same period ended September 15, 2019, total tax collection stood at Rs 3,27,320.2 crore, the income tax department source from Mumbai zone told over phone on Wednesday.

GST: Give states their dues at the earliest

The central government should not dither on paying compensation to states for their GST revenue shortfall

Healthy GST mop-up may not be enough to address fiscal deficit woes

"Economic growth in FY20 is likely to be 5.6 percent and this does not instill confidence in achievement of 3.3 percent fiscal deficit target unless there is steep expenditure reduction, which in the present scenario looks unlikely," said Devendra Pant, Chief Economist at India Ratings.