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Most probably, India’s Fiscal Exchequer from Goods and Services Tax (GST) collections is likely to recover from July onwards after witnessing a fall in May and June as per the official data related to ‘one-way bills’ for the first fortnight of the month of June. The data connotes the gradual comeback of economic activity that […]
As per the information gathered from various sources, The Government collected INR 92,681 crore through the net direct tax collections as of June 15. The said amount is 7.03% of the full-year target which is INR 13.19 lakh crore. The data represents a 32.3% fall in the year to year collection because in the last […]
The collection of advance tax has seen a massive decline resulting in more than 30% reduction in the Gross Tax Collections. The dip shows that the businesses have been impacted very harshly by the coronavirus lockdown. All the companies and other “big” assesses are required to pay an advance tax On June 15th, 2020, the […]
It is expected that the Income Tax Department will be losing approx 10% of the total income tax collections due to the outbreak of Covid-19. The department is expected to recover INR 10 lakh crores to INR 10.5 lakh crores against its actual target of INR 11.6 lakh crores. The department has already collected a […]
The collection of GST (Goods and Services) was the highest in the month of April till now but this sudden increase in the GST revenue is far from the sight of becoming the permanent norm. In April 2019, the GST revenue increased by 10 per cent i.e. INR 1.13 trillion ($16 billion) as compared to […]
As per a message recently tweeted by the Ministry of Finance, the net direct tax (income tax, etc) amount collected for the financial year 2017-18 is over Rs 10.03 lakh crore, with a year on year growth of 18%, which is the highest in the past 7 years.
The first month of the fiscal year 2016-17, April has shown an increase of indirect tax collections by 41% to Rs. 64,394 crore. The major reason behind this hike is due to a sharp central excise gush. Last months’ records shot up the central excise collections by 70% to Rs. 28,252 as compared to Rs. […]
As per the recently released Government reports and statements a 13% drop has been reported in Gross Direct Tax These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc collection in this year up to May […]
The Modi-led government has recently announced that it will sort out all the major issues or glitches in the new GST system, which was also the key reason for the decline in indirect tax revenue. At the time when the GST regime was launched, the government has promised that the full benefits of GST reform […]
