A lot more tax money will fill India's coffers soon
After the Goods and Services tax collections for September showed a yearly jump of 6.5 per cent, the experts in this domain have expressed optimism for the collections in the upcoming months, citing the continued festive season and the government's focus to ensure a stable revenue trajectory. Key Points
Economic TimesMusic streaming was 2022's top moneymaker for songwriters, composers
(Reuters) - Streaming became the largest source of income for composers and songwriters in 2022 and helped boost their collections by more than a quarter to 10.83 billion euros ($11.44 billion), a Key Points
ThePrintIndirect tax receipts rise 19% in April-May; collections in line with Budget projections
The indirect tax revenue target for FY24 is set at Rs 15.37 trillion, against the actual receipts of Rs 13.91 trillion in FY23. Key Points
FinancialexpressDigitisation, new technologies unlatched opportunities in debts' collections: Credgenics' Rishabh Goel
Few regulatory policy changes by the RBI and finance ministry have brought the much needed clarity on various areas pertaining to the fintech, digital lending and digital banking ecosystem, opines Credgenics' CEO Rishabh Goel in a frank interaction with Mint. Here's excerpts. Key Points
mintGST collections jump 12%, cess at record high
India Business News: Goods and services tax (GST) collections rose 12.4% to Rs 1,49,577 crore in February despite a slowdown in the mop-up from imported goods. Key Points
Times Of India
India's net direct tax collection rises by 20.25% to ₹15.60 lakh crore till 10 Feb: CBDT
India's Direct Tax collections up to 10th February, 2024 show gross collections at ₹18.38 lakh crore, 17.30% higher than last year's collections. Key Points
mintIndirect tax dept on revenue drive, urges field offices to ensure maximisation of collections
The government has pegged the indirect tax target at Rs 13.85 trillion in the revised estimates for 2022-23. Key Points
FinancialexpressAt ₹1.7 lakh crore, GST mop-up surges to 2nd highest ever as imports recover
Business News: Goods and services tax (GST) collections in India increased by 13.4% to Rs 1,72,003 crore, the second-highest ever. The growth was driven by a rebound Key Points
Times Of IndiaChristopher Nolan's 'Oppenheimer' beats 'Batman Begins' at the box-office, 'Dunkirk' collections next-Entertainment News , Firstpost
Christopher Nolan’s ‘Oppenheimer‘ has beaten ‘Batman Begins‘ at the box-office, is now eyeing ‘Dunkirk‘ collections next. Oppenheimer has earned $412.44 million at the worldwide box office, and Batman Begins’ collections were $373.67 million. Key Points
FirstpostIndia's net direct tax collections up 17% to Rs 13.73 lakh crore till March 10
The gross collections are 22.58 per cent higher than the gross collections for the corresponding period of last year, the Central Board of Direct Taxes (CBDT) said on Saturday. Key Points
India Today
Advance tax mopup rises 20% YoY in April-December
The Centre has budgeted ₹18.20 lakh crore from direct taxes in FY24, a 9.6% rise from the latest estimate available for FY23. The budget estimate (BE) for direct tax revenue in the last fiscal (FY23) was ₹14.2 lakh crore. It was later revised to ₹16.5 lakh crore and ended marginally higher at ₹16.61 lakh crore. Key Points
Economic TimesRobust tax mopup gives 433% boost to capex, says FM
Robust tax collections have increased capital expenditure and investment in infrastructure projects. Gross direct tax collections rose 16.77%, with expectations of further increase. Refunds worth ₹2.48 lakh crore were issued, and 1.66 crore income tax returns were processed in a day. Time for assessment reduced, faceless assessment introduced for transparency, and technology used to boost collections. Key Points
Economic TimesNet direct tax collection rises 22% to over Rs 9.57 lakh cr; touches 52.5% of BE: Govt data
The net collections have reached 52.5 per cent of the full-year budget estimates (BE) of Rs 18.23 lakh crore. Key Points
Business TodayDecoded: Impact of higher GST collection on Indian economy
India's GST collections increased 12 per cent year-on-year to Rs 1.61 lakh crore in June 2023, marking the seventh time monthly collections exceeded Rs 1.5 lakh crore. Read to know how it impacts economic growth. Key Points
India TodayGST collections At Record High Explained: What It Means For Indian Economy | GST Reform
Highest ever GST collections: The month of April 2023, saw the highest ever Goods and Services Tax (GST) collections of Rs 1.87 lakh crore. What’s behind this record GST figure? Is this momentum sustainable? And what is the road ahead for GST collect Key Points
Times Of India
ITR filing doubles to 77.8 million in 10 years
The number of income-tax payers in India rose to 93.7 million in FY23 from 52.6 million in FY14. The tax deducted at source (TDS) emerged as the largest component of direct taxes, reaching ₹8.17 lakh crore in FY23, almost double the amount in FY18. In the last 10 years, net direct tax collections increased by 160.52% to ₹16.63 lakh crore in FY23 from ₹6.38 lakh crore in FY14. Key Points
Economic TimesIndia's net direct tax collections up 16.8% to Rs 13.73 lakh crore till March 10
Provisional figures of Direct Tax collections up to 10th March continue to register steady growth. Direct Tax collections up to 10th March show that gross collections are at Rs 16.68 lakh cr, 22.58% higher than gross collections for corresponding period of last year, ANI quoted CBDT as stating. Key Points
Economic TimesTikTok Collection Delete: Step-by-step guide
TikTok users often look to delete the collections on short video streaming app. There are a few easy steps following which one can delete TikTok collections. Key Points
Economic TimesDirect tax collections up 16 pc at Rs 6.53 lakh crore so far in 2023-24
New Delhi [India], August 11 (ANI): Direct tax collections so far in 2023-24 have seen steady growth with total mop-up at Rs 6.53 lakh crore, a 15.73 per cent increase over the amount received in the same period last financial year. Direct Tax collection, net of refunds, stands at Rs. 5.84 lakh crore, which is […] Key Points
ThePrintIndia's direct tax collection rises to ₹16.61 lakh cr in FY23, exceeds budgeted estimates by 17%
Of the total gross tax collections, corporate tax collections stood at ₹ ₹10,04,118 crore (grossly), rising by 16.91% YoY. .Personal tax collection in FY23 on a gross basis came at ₹9,60,764 crore, garnering 24.23% YoY growth. Key Points
mint
Direct tax collections for FY23 at ₹16.6L-cr: finance ministry data
‘Direct Tax collection, net of refunds, stands at ₹13.73 lakh crore which is 16.78% higher than the net collections for the corresponding period of last year,’ provisional data released by the finance ministry said | Latest News India Key Points
Hindustan TimesDispute over a Picasso: Is 'Madame Soler' looted art?
The heirs of Paul von Mendelssohn-Bartholdy want the painting back but the Bavarian State Painting collections sees itself as the rightful owner. An unresolved restitution case with a bitter aftertaste. Key Points
Hindustan TimesIndia's GST collections up 11 per cent to Rs 1.6 lk cr in August
India's goods and services tax collections grew 11 per cent to Rs 1.60 lakh crore on an annual basis in August, revenue secretary Sanjay Malhotra said on Friday. Roughly numbers are in the range of 11 per cent year on year growth as in earlier months, PTI quoted Malhotra as saying. Key Points
Economic TimesSitharaman asks CBIC to introduce automated GST scrutiny system by next week
The total Indirect Tax collections for the 2022-23 fiscal stood at Rs 13.82 lakh crore, up from Rs 12.89 lakh crore in 2021-22. Key Points
FinancialexpressGross direct tax collections in FY24 grows at 18.74%, net direct tax at 19.88%
During this year's Budget speech, Finance Minister Nirmala Sitharaman had raised the direct tax collections projection for FY24 to Rs 19.45 lakh crore for the current fiscal from the budget estimate of Rs 18.20 lakh crore. Key Points
Business Today
India's direct tax collection up 18% YoY as of October
India's gross direct tax collection for the period from April 1 to October 9 increased by 17.95% to Rs 11.07 lakh crore, according to the Ministry of Finance. Net collections were 21.82% higher than the same period last year, reaching Rs 9.57 lakh crore. Refunds totaling Rs 1.50 lakh crore were issued during this period. Key Points
Economic TimesMuted tax collection in Q1 of FY24 widened fiscal deficit, govt focus still on capex
Central govt's capital expenditure has seen strong growth. State finances present an encouraging picture with better tax revenue collections & improved capex spending. Key Points
ThePrintGross direct tax collections up 16.8 pc so far in 2023-24
New Delhi [India], January 11 (ANI): Direct tax collections so far in the financial year 2023-24 have risen 16.77 per cent to Rs 17.18 lakh crore (in gross terms), data put out by the Ministry of Finance said on Thursday. Direct tax collection, net of refunds, stood at Rs 14.70 lakh crore, which is 19.41 […] Key Points
ThePrintNet direct tax collection rises 22% to over Rs 9.57 lakh crore; touches 52.5% of BE
India Business News: The net direct tax collection increased by 21.82 per cent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and indivi Key Points
Times Of IndiaGST revenues grew 12.7% in January
Tax receipt figure for last month revised to ₹1.59 lakh crore from earlier estimate of ₹1.56 lakh crore Key Points
The Hindu
IMAX posts record India box-office earnings in 2023
IMAX Corporation, headquartered in Canada, achieved its highest box-office earnings in India in 2023, generating $23.1 million from both Hollywood and Indian films. This success was attributed to an increase in admissions and ticket pricing. The box-office collections for Indian titles amounted to $6.46 million, and IMAX helped Indian films collect $15.74 million in global box-office receipts. Key Points
Economic TimesGST July mopup rises 11%, tops Rs 1.65 lakh cr on stable economy
Goods and services tax (GST) collections rose 11% to ₹1.65 lakh crore in July on the back of stable economic recovery and improved compliance. The collections crossed the ₹ 1.6 lakh crore mark for the fifth time since the roll out of the new indirect tax regime in July 2017. Key Points
Economic TimesAggregate state GST collections growth to moderate to 12-14 per cent in FY24: Crisil
Crisil predicts that the growth in the aggregate GST collection for states will decrease to 12-14% in FY24 from 20% in FY23. Despite the moderation, GST collections will remain the leading driver of revenue growth for states. The resilience of the Indian economy, moderate inflation, and increasing tax compliance will contribute to the GST collections. Key Points
Economic TimesCentre's direct tax collections up 22% at ₹10.60 lakh crore so far in FY24
On a gross basis, collection from direct tax, which includes corporate and Personal Income Tax (PIT), rose 17.59 per cent to ₹12.37 lakh crore. Key Points
mintTo take care of possible headwinds: 4 largecap stocks from different sectors with upside potential of up t
Market has a strange habit of giving surprises on both sides, moving up when no one is expecting and news is bad all around. Falling when no one is expecting it to fall and there is good news all around. So, in today’s time when there is good news all around, right from higher GDP numbers to better GST collections and on micro front companies announcing more orders and even words like expansion of capacity coming back, instead of predicting the time when there will be a correction, just be ready for it. Ready by staying with large caps and that too with sectors and stocks where some tailwinds are emerging. This is not to say that there cannot be some underperformance in large cap space, but the fact is that over the long term these large caps not only create much more wealth but in a bearish phase, they tend to protect the wealth by falling less as compared to mid and small caps. Key Points
Economic Times
UPI surges on broad-based usage and deeper penetration
The Reserve Bank has higher transaction limit for financial services like for AMC, Broking, Mutual Funds, collections (Credit card payments, Loan re-payments, EMI), Insurance etc. where the transaction limit is `2 lakh. Insurance policy purchases and premium collections surged by 150% in transaction volume and 140% in new customer adoption, underlining the role of digital retail stores in addressing the challenges of insurance Key Points
Economic TimesAdvance tax kitty swells nearly 20% to Rs 6.2 lakh crore
India Business News: Advance tax collections have increased by nearly 20% to over Rs 6.2 lakh crore, sustaining the growth momentum of the current fiscal year. The data sh Key Points
Times Of IndiaGST collections for July stood at Rs 1.65 lakh crore
“The steady collections exceeding Rs1.6 Lac Cr over the past few months reflects an increasing awareness across businesses that GST compliance is essential and any non-compliance will get picked up immediately,” MS Mani, Partner, Deloitte India said. Key Points
Economic TimesMahindra Lifespaces Q1 pre-sales Rs 345 crore, industrial land leasing Rs 14 crore
Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has clocked pre-sales of Rs 345 crore and industrial land leasing worth Rs 14 crore during the quarter ended June. The company has reported a net loss of Rs 4.3 crore In the June quarter against a profit of Rs 75.4 crore a year ago. The developer has sold 4.2 lakh sq ft residential area and collections Its collections in residential business stood at Rs 276 crore. Key Points
Economic TimesNet direct tax collection rises 16% to Rs 4.75 lakh cr so far this fiscal
The government has projected a growth of 9.6% for direct taxes in FY24. The direct tax collection so far are in line with other data that point to sustained recovery despite global headwinds. Key Points
Economic Times
GST collections rise 11.5% to cross ₹1.57 lakh crore in May 2023
India’s gross Goods & Services Tax (GST) collections grew 11.5% in May, crossing ₹1.57 lakh crore, with revenues from domestic transactions rising 11% and imports yielding 12% more taxes than a year ago. Key Points
The HinduGST collections in March jump 13% to Rs 1.6 lakh crore
The total gross collection for FY23 was Rs 18.10 lakh crore, an average Rs 1.51 lakh a month and up 22% from FY22, data released on Saturday showed. “Monthly GST collections for the month of March being the second highest of all time, coupled with 22% higher GST collections for FY22-23 over last year point towards the growing trajectory of the Indian economy,” said Abhishek Jain, partner, indirect tax, KPMG in India. Key Points
Economic Times