tax collection

The Impact of the Government Polices on Direct Tax Collections

Goods and Services Tax - The first sixty-seven years after Independence from 1947 to 2014 saw a total number of 3.82 crore assesses filing tax returns. Obviously, in comparison to total population of almost 1.3 billion, this figure appears highly inadequate. The total direct tax collection (income tax) in 2013-14 was Rs.6.38 lakh crore....

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Why should I pay tax?

Goods and Services Tax - Some people raise the question Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK, th...

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Reporting of estimated income tax return – An Analysis [Proposed Rule 39A]

Goods and Services Tax - This additional reporting requirement not only places the additional compliance burden on the taxpayers but also calls for the broader tax management on part of taxpayers to avoid tax litigations originating from wide variances between “estimated income” reported in the intimation and “actual income” reported in the Income Tax Ret...

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Every Scrap sale not liable to Tax Collection at Source (TCS)

Goods and Services Tax - As per Section 206C of Income Tax Act, 1961 (1) Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,...

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CBDT Strategy for Improving Advance Tax Collection for 2016-17

Goods and Services Tax - Following upon recent amendments in the Act that have advance tax connotations: As per provision of section 43CA of the Income-tax Act, 1961, Real Estate companies have to be assessed on a turnover (based on stamp duty value or circle rate) in respect of all transactions relating to land or building or both. This will have an impact in c...

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Average GST collection for FY 2018-19 is Rs. 97,040 crore

Goods and Services Tax - Goods and Services Tax Collections The month-wise gross collection of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Cess for FY 2017-18 and FY 2018-19 are as under:   Month GST collection (in Rs. Crore)       2017-18 2018-19 April — 1,03,459 May […...

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Direct Tax Collections for F.Y. 2018-19 up to November, 2018

Goods and Services Tax - Gross collections at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year The Provisional Figures of Direct Tax Collections up to November, 2018 show that gross collections are at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period...

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GST collections for October 2018 crosses Rupees One Lac Crore

Goods and Services Tax - The total gross GST revenue collected in the month of October, 2018 is Rs. 100,710crore of which CGST is Rs. 16,464crore, SGST is Rs. 22,826crore, IGST is Rs. 53,419crore (including Rs. 26,908crore collected on imports) and Cess is Rs. 8,000 crore(including Rs. 955crore collected on imports)....

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1,40,139 taxpayers disclosed income above Rs. 1 crore in AY 2017-18

Goods and Services Tax - While 88,649 taxpayers disclosed income above Rs. 1 crore in AY 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60%). Similarly, the number of individual taxpayers disclosing income above Rs. 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68%....

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Direct Tax Collections for F.Y. 2018-19 up to September, 2018

Goods and Services Tax - Direct Tax Collections for F.Y. 2018-19 up to September, 2018 (Half-yearly figures) show that gross collections are at Rs. 5.47 lakh crore which is 16.7% higher than the gross collections for the corresponding period of last year ...

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HC denied stay on collection of Tax on failure of appellant to pay tax which was suo motto agreed to be paid by appellant

Kalaignar TV Private Limited Vs. The Principal Commissioner of Income Tax (Madras High Court) - This Court finds that when the petitioner had agreed to comply with the payment of disputed tax at the rate of Rs. 50 lakhs per month, they are bound to comply with such an undertaking. Now arguing before this Court pleading their financial incapacity or requesting this Court to examine the merits o...

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Measures to enhance revenue collections through TDS

F. No. 370/02/2017-IT(B) - (13/09/2017) - On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financi...

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CBDT fixes collection Target- Jan-March dedicated quarter for Recovery

F. No. 385/17/2016-IT (B) - (06/01/2017) - Time-barring date of scrutiny assessment was advanced to 31st December to provide assessment units with a dedicated quarter for recovery of demand raised. ...

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TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

Circular No. 23/2016-Income Tax - (24/06/2016) - Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if t...

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Net Direct Tax Collections During April-June 2012 up by 47.16%

PRESS RELEASE NO. 402/92/2006-MC (13 OF 2012) - (09/07/2012) - Gross Direct Tax collections during April-June of the Financial Year 2012-13 was up by 6.77 percent at Rs. 1,11,182 crore as against Rs. 1,04,135 crore in the same period during the last year. Gross collection of Corporate Taxes showed an increase of 3.48 percent and stood at Rs. 70,594 crore as aga...

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Net Direct Tax Collections Register Growth of 20.37 Percent During April 2010 –January 2011

Income Tax Press release - (07/02/2011) - Net direct tax collections during the period April 2010 to January 2011 stood at Rs.3,17,501 crore, up from Rs.2,63,765 crore in the same period last fiscal, registering a growth of 20.37 percent. Growth in Corporate Income Tax was 24.78 percent (R...

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Recent Posts in "tax collection"

Average GST collection for FY 2018-19 is Rs. 97,040 crore

Goods and Services Tax Collections The month-wise gross collection of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Cess for FY 2017-18 and FY 2018-19 are as under:   Month GST collection (in Rs. Crore)       2017-18 2018-19 April — 1,03,459 May […...

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Direct Tax Collections for F.Y. 2018-19 up to November, 2018

Gross collections at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year The Provisional Figures of Direct Tax Collections up to November, 2018 show that gross collections are at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period...

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GST collections for October 2018 crosses Rupees One Lac Crore

The total gross GST revenue collected in the month of October, 2018 is Rs. 100,710crore of which CGST is Rs. 16,464crore, SGST is Rs. 22,826crore, IGST is Rs. 53,419crore (including Rs. 26,908crore collected on imports) and Cess is Rs. 8,000 crore(including Rs. 955crore collected on imports)....

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1,40,139 taxpayers disclosed income above Rs. 1 crore in AY 2017-18

While 88,649 taxpayers disclosed income above Rs. 1 crore in AY 2014-15, the figure was 1,40,139 for AY 2017-18 (growth of about 60%). Similarly, the number of individual taxpayers disclosing income above Rs. 1 crore increased during the period under reference from 48,416 to 81,344, which translates into a growth of 68%....

Read More

Direct Tax Collections for F.Y. 2018-19 up to September, 2018

Direct Tax Collections for F.Y. 2018-19 up to September, 2018 (Half-yearly figures) show that gross collections are at Rs. 5.47 lakh crore which is 16.7% higher than the gross collections for the corresponding period of last year ...

Read More

The Impact of the Government Polices on Direct Tax Collections

The first sixty-seven years after Independence from 1947 to 2014 saw a total number of 3.82 crore assesses filing tax returns. Obviously, in comparison to total population of almost 1.3 billion, this figure appears highly inadequate. The total direct tax collection (income tax) in 2013-14 was Rs.6.38 lakh crore....

Read More

Why should I pay tax?

Some people raise the question Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK, th...

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Net Direct Tax collections crossed Rs.10.03 lakh crore in 2017-18

Net direct tax collections for 2017-18 amounted to Rs. 10.03 lakh crore, which is 18% higher than the collections for 2016-17. The robust growth in direct tax revenue in the year of demonetization and the year after that is indicative of a positive impact of various tax policies, including demonetization, on the level of tax compliance in...

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Monthly GST collection figures for August 2017 to March 2018

Final Monthly collection figures of GST The revenue collection figures under GST including CGST, SGST, IGST and cess for the period July 2017 – February 2018 paid in the period July 2017 – March 2018 is as follows: (Figures in Rs. Crores) Month GST Collection August 93,590 September 93,029 October 95,132 November 85,931 December 83,71...

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6.84 crore Income Tax Returns (ITRs) filed during FY 2017-18

uring FY 2017-18, 6.84 crore Income Tax Returns (ITRs) were filed with the Income Tax Department as compared to 5.43 crore ITRs filed during FY 2016-17, showing a growth of 26%. There has been a sustained increase in the number of ITRs filed in the last four financial years. As compared to 3.79 crore ITRs filed in F.Y. 2013-14, the number...

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