Search Result for : Indirect Taxes

The Dollar Business Bureau The Goods and Services Tax (GST) Council, in its 25th meeting on Thursday, took some major decisions and approved change in rates of 29 goods and 53 categories of services and discussed measures for ‘anti-evasion’ in order to take care of faltering revenue of indirect taxes. The Council has also discussed measures to simplify the process for filing returns, however, a final decision for which has been deferred for the next meeting. The meeting of GST Council, the apex body on GST decision making chaired by Finance Minister Arun Jaitley, was vital as this was the last meeting before the announcement of Union Budget 2018. “GST Council has approved rate changes of 29 goods and 53 categories of services,” Jaitley said, ...

The Dollar Business Bureau The direct tax collections increased 14.8% in June this year compared to the same month last year, according to the provisional figures released by the Ministry of Finance on Thursday. “The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs.1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year,” said an official statement.  The net direct tax collections indicates 14.5% of the overall Budget estimates of direct taxes of Rs.9.8 lakh crore for the fiscal of 2017-18, it said. The gross collections under corporate income tax (CIT) increased 4.8%, whereas those under personal income tax (PIT) including the securities transaction tax (STT) grew at 12.9, according to the statement. However, ...

By Abin Daya This is the time of the year we close our books, reflect on what has happened over the past 12 months, and make plans for the next year. Same is the case with the government. This week, we bring you a snapshot of public finances, especially the twin deficits, as of Feb 2017, and how we expect the year to end. While both deficit figures have breached the budgeted numbers as of Feb, there is a chance that strong revenue growth in March could help pull them back to below the threshold. Will need to wait for formal data to come from Ministry of Finance to see if that happens. Continuing with an update on last week’s story about Methyl ...

By Abin Daya It has been over 19 months since the tumult over India’s GDP began. Many economists have questioned the government’s method of calculation since it was implemented in 2015. The latest announcement by the Indian government has placed the GDP at 7% which is a sudden increase from 4.7% as per growth estimates released in May 2013-14. The data released by the Central Statistics Office predict the GDP of Q3 FY17 at 7%. Let us look at the drivers behind it by breaking them up into components and comparing them with the previous figures. India’s GDP for Q3 of FY17 grew by 7% y-o-y, lower than the 7.4% (revised) growth of Q2 FY17 and higher than 6.9% of Q3 FY16 This has ...

PTI Government's revenue collection from indirect tax grew by an impressive 23.9% during the April-January period, while that from direct tax rose by 10.79%. Total direct and indirect tax collections at the end of January stood at Rs.12.85 lakh crore, 76% of the Rs.16.99 lakh crore target, as per revised estimate for 2016-17. Belying fears of slowdown due to demonetisation, indirect tax collection grew at a decent 16.9% in January buoyed mainly by excise, reflecting an uptick in manufacturing. At the end of January, the total direct tax collection stood at Rs.5.82 lakh crore and indirect tax-mop up was Rs.7.03 lakh crore led by robust collections in personal income tax and excise duty, respectively. Direct tax revenue includes corporate and personal income tax. Indirect tax ...

The Dollar Business Bureau Model Goods and Services Tax (GST) law, which is presently being examined by the department of law, is likely to be finalised by the end of this month, said a senior official from the Finance Ministry. The model law will set the path for rolling out of the GST from July 1, 2017. “We are very close to finalisation of law. The Model law will be finalised by the end of this month. Currently, Model CGST and SGST law are being vetted by the law ministry, and these will be taken before the GST Council meeting on February 18, said Ram Tirath, Member, Central Board of Indirect Taxes. In the second leg of Budget session, which is starting from March 9, the ...

Ranjeet Mahtani & Sweta Rajan Prior to the announcement of the Union Budget 2017, the Goods and Services Tax Council (Council) had its ninth meeting on January 16, 2017 and the next meeting is scheduled on February 18, 2017.  The Council is then expected to clear up all un-resolved issues, and finalise the legislations to achieve another milestone in embracing GST. Nearly all controversial issues have been debated and consensus built amongst members of the Council.  Minor matters will have to be settled, including that of  sharing of administrative powers. At the same time, some legal concerns have been raised (in respect of the decisions of the Council), and it will have to be seen whether these sustain or fall-off.  Dateline: It was recently ...

The Dollar Business Bureau The Direct tax and Indirect tax collection figures for the period between April 2016 to December 2016 have shown a positive trend as the former grew by 12.01% while the latter showed an increase of 25% over the corresponding period last year i.e. April-December 2015.  As per figures for Direct Tax collections up to December 2016, the net collections stood at Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding of the previous year. This collection is 65.3% of the total budget estimates of direct taxes for financial year 2016-17.  Speaking about the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under ...