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FM Nirmala Sitharaman mentioned that the trust relying on the taxation grounds made by the government would give an outcome in the rectification of the collections along with that it surged in furnishing the number of returns. On the 163rd income tax day, FM complimented the department for securing the highest revenue collection ever of […]
Good news for the Government and common men! This time there are indications of Positive economic sentiment in the market that shall ultimately result in the welfare of the people of the country. The direct tax These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is […]
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 […]
The Centre’s indirect tax exchequer surged by more than 12 percent to Rs 10.71 trillion in 2020-21 (FY 21) in comparison to Rs 9.54 trillion in the previous year although Goods and Services Tax (GST) exchequer lessened by 8 percent. The Think Tank of the industry attributed the increase in indirect tax revenue to “shoot […]
Revenue from direct tax collection, amidst fiscal stress provided relief to the government. It is moving nearby to the amended Budget target for 2020-21 and might receive a stimulus from the final installment of the payment of advance tax. Its deadline ended on Monday. The revenue from net direct tax declined to 5 percent year-on-year […]
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 […]
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 […]
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 […]
