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Puducherry has accepted the proposal of the center to borrow Rs 1.1 trillion to bridge the shortfall for goods and service tax (GST) collection INR 1 trillion GST has been collected for the very first time in the eight months in October post unlocking from September. Any month GST collection resembles the business received in […]
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 […]
The Central Board of Direct Tax (CBDT) modified the provisions of the Income Tax Act related to the collection of Taxes from the salaried staff. The changes were made for the Financial Year 2019-20. Mr. Naveen Kapoor, the Secretary of Government of India was issued a circular by the department comprising the changes in Paragraph […]
The Economic Advisory Council of the Fifteenth Finance Commission got heads together to resolve the issues concerned with GST stabilization and methods to lift the tax collection for the mobilization of increased resources. This was the fifth meeting of the Fifteenth Finance Commission and was held under the chairmanship of N K Singh. M Govinda […]
The government has to put in extra efforts to achieve its tax collection targets for FY 2019-20, stated by Lok Sabha. As per the data accumulated for the first seven months of the current fiscal year, the direct tax These types of taxes are directly imposed and paid to the government of India. Example of […]
So far, the Government of India has collected up to ₹6 trillion as a direct tax. The government has set a target of Rs 13.5 lakh crore for this fiscal year’s tax collection, 50% of which has been achieved till the date. This information has been made available by a senior officer. PC Modi, Chairman […]
