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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 […]
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 […]
