Search Result for : Tax Collections

The Dollar Business Bureau The Goods and Services Tax (GST) revenue collections have marginally dropped to Rs.86,318 crore for the month of January, from Rs.86,703 crore in the previous month, according to the data released by the Government on Tuesday. “The total revenue received under the GST for the month of January 2018 (received in January/February up to February 25, 2018) has been Rs.86,318 crore,” said a statement released by the Ministry of Finance. Till February 25, around 1.03 crore taxpayers have been registered under the new indirect tax regime, of which 57.78 lakh taxpayers, 69% of total taxpayers, have filed GSTR 3B (summary form) returns for the month of January.  The last date for filing of GSTR 3B return for the month of ...

The Dollar Business Bureau The revenue collection under the Goods and Services Tax (GST) has dropped to Rs.80,808 crore for the month of December, a decline for the second straight month. This is the lowest collections since the new indirect tax regime rolled out on July 1. “The total collection under GST for the month of December 2017 has been Rs.80,808 crores till December 25, 2017,” the Ministry of Finance said in a statement on Tuesday. For the month of August, the collection was more than Rs.91,000 crore. In September, the figure was over Rs.92,150 crore and in October, it was over Rs.83,000 crore. The drop in this month’s collections is due to the impact of rate cut under the GST on more than 200 ...

The Dollar Business Bureau The government has collected revenue worth Rs.92,283 crore in July from the India’s much hyped regime of Goods and Services Tax (GST), implemented from July 1. Finance Minister Arun Jaitley said on Tuesday that around Rs.92,283 crore were collected from GST in July from just 64.42% of the overall taxpayer base. So far, the collections from taxes are in excess of internal estimate done by the Finance Ministry of Rs.91,000 crore. The collections for the month of July, when a unified GST regime was rolled out across the country, which subsumes more than a dozen central and state levies such as excise duty, VAT, service tax and, are expected to further increase when all the taxpayers file their returns. “If we exclude ...

By Abin Daya The LIBOR is dead! Well, not quite. But in the next 4 years, it could be. The The Financial Conduct Authority (FCA) announced this week that it intended to phase out the LIBOR by 2021. Post that, banks would no longer be compelled to provide interest quotes to the Inter-Continental Exchange, and in the absence of these, the benchmark would die a natural death. What comes after that? We don’t know yet. But the first item this week is something closer home – India’s foreign trade numbers for the month of June. Apart from what is included in the update, I also tried to explore if there was some sort of correlation between industrial production growth and export performance. ...

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, ...

 The Dollar Business Bureau The lower house of the Parliament, Lok Sabha, on Monday, passed the Undisclosed Foreign Income and Assets (UFI&A) (Imposition of Tax) Bill, 2015, which would further deal with the black money stashed overseas. The Bill was passed in Lok Sabha amidst Opposition’s demand to forward the Bill to a Standing Committee. Rejecting the Opposition’s demand, Arun Jaitley, Union Finance Minister, said, “Delay in enacting the legislation would provide the offenders an opportunity to transfer their unaccounted wealth to the unknown destinations.” There would be a short compliance window for the undisclosed income holders which would provide them an opportunity to come clean by paying 30% tax and 30% penalty, informed the Minister speaking at ...

Sai Nikesh | The Dollar Business Income Tax authorities in India should focus more on the international accounting standard, say experts. A group of experts discussed changing faces of financial reporting and tax reporting and implementation of accounting standard at an event organized by the Confederation of Indian Industry (CII) on Thursday. Speaking at the inaugural session, H Srinivasulu, Member (Finance), Telangana State Electricity Regulatory Authority, and former Income Tax Commissioner, said, “Tax should be what the citizens like and not the government.” Explaining the changes that Indian tax system has undergone over the past few years, Srinivasulu made a mention of earlier sessions, which left key sectors like oil, agriculture, among others, out of the accounting standards. He also expressed concern ...

Sai Nikesh | The Dollar Business The Associated Chamber of Commerce and Industry (ASSOCHAM), India, on Wednesday, organized a National seminar on Tax Deduction at Source (TDS). The seminar discussed various issues and challenges in the Indian taxation system, while making a strong pitch for timely remittances of taxes as key factors for TDS and the government revenues. Speaking to The Dollar Business, Anshu Khanna, Partner, Tax & Regulatory Services, Walker Chandiok & Co LLP, said, “There is a clarity and certainty that has to be attained in the tax laws so as to avoid litigations.” She further urged for simplification of procedures, clear tax mechanism, dispute resolvation mechanism in the cases involving international investors and a soft ...