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Karnataka and Tamil Nadu in the South are counted under the top 5 states in India that account for 70% of India’s total direct tax collections. Maharashtra tops the list with 38.9%, accounting for a significant portion of tax collections, whereas Karnataka and Tamil Nadu rank second and fourth, respectively. Following Gujarat, Delhi has arrived […]
An astonishing growth has been witnessed in the personal income tax collection in India over the past decade, exceeding the speed of corporate tax collections, as per the updated data released by the Central Board of Direct Taxes (CBDT). Personal income tax revenue surged by 294.3 per cent, increasing to Rs 10.45 lakh crore in […]
For the FY 2024-25, the gross direct tax collections of the Indian government witnessed a rise of 24% YoY to Rs 8.13 lakh crore, as per the information of the Central Board of Direct Taxes (CBDT). This straight rise arrives in comparison to Rs 6.55 lakh crore collected during the same period in the previous […]
Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19% Net Direct Tax collections for FY2024-25 grow at over 20.99% Advance Tax collections for FY2024-25 stood at Rs. 1,48,823 crore with a growth of 27.34% Refunds aggregating to Rs. 53,322 crore issued in the current fiscal The provisional numbers of […]
The indirect tax collection for FY24 has surpassed the revised estimates (RE) of Rs 14.84 lakh crore by “a handsome margin”, supported by a record GST mop-up, a government official expressed. Praising the measures of tax officials, CBIC chairman Sanjay Kumar Agarwal, in a letter to field officials, expressed, “I am happy to inform that […]
Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), announced that the government is poised to surpass its fiscal target of Rs 18.23 trillion in direct tax collection, given the robust revenue growth witnessed so far. He highlighted the vigilant monitoring of unexplained cash and jewellery during state and national elections, with coordinated […]
Government sources anticipate that the current robust trend in direct tax and GST collections will likely persist, potentially surpassing the Budget Estimate by a significant margin in the fiscal year 2023-24. However, these projections stem from the initial evaluations conducted as part of the government’s pre-budget procedures. A more definitive outlook is contingent upon forthcoming […]
The government has gathered Rs 8.65 trillion in direct taxes as of September 16, after accounting for tax refunds. This amount surpasses more than half of its yearly goal, as reported by the Central Board of Direct Taxes (CBDT). The direct taxes collected up to this point, which also include the initial two instalments of […]
A person who is registered as a composition taxpayer cannot generate taxable invoices, collect GST from consumers, or claim ITC on purchases, according to the Central Board of Indirect Taxes and Customs (CBIC). The explanation came in response to a popular video showing a restaurant tricking patrons even though it was a composition taxpayer under […]
