Monday, 28 November, 2022
TopicTax collections

Topic: Tax collections

Why Modi govt will meet its tax targets this year without much effort despite slow growth

If tax collections in 2022-23 grow by 9.6 per cent, as projected in the Budget, total tax mop-up will be at least Rs 2.1 lakh crore more than the target.

‘Under estimate, over achieve’: Why Modi govt could set low tax collection target in Budget

New strategy would be a departure from earlier years (2017-18 to 2020-21), when govt kept very ambitious tax collection targets, but fell short of them by 7-8% each time.

Covid, lower rates push corporate tax collections below personal tax for first time in years

Corporate tax collections levied on profits of firms contracted 18% in 2020-21 to a 5-year low. There has been a sharp fall in firms filing tax returns for income ranges of above Rs 5 lakh.

Govt not reneging on word to states, given Rs 107 for every Rs 100 collected — Sitharaman

Finance Minister Nirmala Sitharaman insists Modi govt is not going back on its responsibility towards the states, will discuss compensation issue in GST council.

India’s Covid-ravaged states seek more funds from Modi govt

Tax collections have fallen sharply due to the lockdown, pushing state governments to ask the Centre for funds in order to avoid racking up debt.

Gross advanced tax collection falls by 31% in first quarter of fiscal year

The advance corporate tax mop-up declined by 79% as well due to the three-month long lockdown imposed due to coronavirus.

Budget 2020 is now useless. Modi govt must present a new one

Covid has ensured Modi govt won’t meet 20% growth in tax collection target. That would be a terrible assumption to make in a pandemic-hit economy.

Funds transfers to states set to take a hit as central tax collections begin to dip

In April and May, the central govt transferred cash based on tax collection estimates. But with actual collections falling well short, the amount will soon dip.

Link Aadhaar to ration cards, hike property tax — how states can increase borrowing limit

Expenditure Secretary T.V. Somanathan said the Centre's conditions to increase the borrowing limit for states are long-pending reforms aimed at ensuring debt sustainability.

Direct tax collection contracts in April-Feb period, Rs 3.5 lakh crore now needed in March

A slowdown in economic activity is likely to further hit collections. Modi govt is banking on positive response to dispute resolution scheme to meet targets.

On Camera

YourTurn

Former Pakistani Army Chief Qamar Javed Bajwa | ISPR/Twitter

On my last day as Pakistan Army Chief, I leave Asim Munir with bigger problems than my billions

Does Indian Army Chief Gen Pande have no interest in making CPEC, cheese pizza economic corridor? I suggest him this corridor against China. Learn from us.
Representational image of workers at a construction site | ANI

GDP data this week will indicate FY23 outlook. But analysis shows growth still below pre-Covid yrs

Analysis of industrial & consumer data not included in usual ‘high-frequency indicators’ shows although demand seems to have recovered from pandemic, it remains weak.

Defence

Illustration: Soham Sen | The Print

Modi govt moves with Arunachal Frontier Highway, among India’s ‘toughest’ projects yet, China in mind

The 2,000 km-long highway will be of strategic importance to military. Same equipment used on other side of LAC being deployed to carry out work on tough terrain, say officials.

A Gujarat gamble: A likely reason Rahul is not giving Modi a fight this assembly election

I'd rather not buy idea that Rahul's holding his fire until 2024. More likely, Congress believes Karnataka offers best chance of winning a Gujarat-sized state if Gujarat is too challenging.