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tax collection

Interest for failure to Collect/Deduct & for delayed TDS/TCS Payment

Goods and Services Tax - Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure to deduct tax at source/delay in payment of TDS, Non filing of TDS statement without payment of interest, Basic provisions relating ...

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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,...

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Tax Collected at Source (TCS)

Goods and Services Tax - 1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. As per Income Tax Act 1961 certain persons, being the sellers must collect a specified […]...

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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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TCS on sale of Motor Vehicles and goods or services

Goods and Services Tax - The existing provision of section 206C of the Act, inter alia, provides that the seller shall collect tax at source at specified rate from the buyer at the time of sale of specified items such as alcoholic liquor for human consumption, tendu leaves, scrap, mineral being coal or lignite or iron ore, bullion etc. in cash exceeding two lakh ...

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₹ 1,17,010 crore gross GST revenue collected in September 2021

Goods and Services Tax - The gross GST revenue collected in the month of September 2021 is ₹ 1,17,010 crore of which CGST is ₹ 20,578 crore, SGST is ₹ 26,767 crore, IGST is ₹ 60,911 crore (including ₹ 29,555 crore collected on import of goods) and Cess is ₹ 8,754 crore (including ₹ 623 crore collected on import of goods)....

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Net Direct Tax collections for FY 2021-22 grown at over 74%

Goods and Services Tax - The figures of Direct Tax collections for the Financial Year 2021-22, as on 22.09.2021 show that net collections are at Rs. 5,70,568 crore, compared to Rs. 3,27,174 crore in the corresponding period of the preceding Financial Year i.e FY 2020-21, representing an increase of 74.4%....

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Corporate tax lags behind personal tax collection in Year 2020-21?

Goods and Services Tax - Yes sir, the net corporate tax collection is slightly lagging behind the personal tax collection in the year 2020-21. However, the gross corporate tax collection is higher than gross personal tax collection and the lower net corporate tax collection is on account of higher outflow due to refunds....

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Direct tax collection doubled for first quarter of current fiscal

Goods and Services Tax - Direct tax collection for the first quarter of the current fiscal has doubled. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today....

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Net Direct Tax collections for FY 2021-22 have grown at over 100%

Goods and Services Tax - The figures of Direct Tax collections for the Financial Year 2021-22, as on 15.06.2021 show that net collections are at Rs.1,85,871 crore compared to Rs. 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4% over the collections of the preceding 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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GST Revenue collection for August, 2020

Release ID: 1650411 - (01/09/2020) - The gross GST revenue collected in the month of August, 2020 is ₹ 86,449 crore of which CGST is ₹ 15,906 crore, SGST is ₹ 21,064 crore, IGST is ₹ 42,264 crore (including ₹ 19,179 crore collected on import of goods) and Cess is ₹7,215 crore (including ₹ 673 crore collected on import of ...

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Statewise Income Tax collection Target for FY 2020-21 allocated by CBDT

F.No. 380102/2020-IT(B) - (16/04/2020) - The Budget target for each cadre-controlling Pr. CCIT has been fixed keeping in view the revenue potential of the Region, which is based on the weighted average growth rate of net collections of last three years, giving highest weight to the immediately preceding year...

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Revised Targets for Direct Taxes collection for FY 2019-20; Reduced by 1.65 Lakh Crore

F. No. 380/03/2019-IT (B) - (30/03/2020) - I am directed to refer to Board's letter dated 24th May, 2019 regarding Region-wise allocation of revised Budget Estimates(BE) of Rs. 13,35,000 Crores for the Financial Year 2019-20. In this regard, it is stated that in the Receipt Budget 2020-21, Rs. 11,70,000 Crores (reduction of Rs. 1,65,000 Cror...

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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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Recent Posts in "tax collection"

₹ 1,17,010 crore gross GST revenue collected in September 2021

The gross GST revenue collected in the month of September 2021 is ₹ 1,17,010 crore of which CGST is ₹ 20,578 crore, SGST is ₹ 26,767 crore, IGST is ₹ 60,911 crore (including ₹ 29,555 crore collected on import of goods) and Cess is ₹ 8,754 crore (including ₹ 623 crore collected on import of goods)....

Read More
Posted Under: Corporate Law |

Net Direct Tax collections for FY 2021-22 grown at over 74%

The figures of Direct Tax collections for the Financial Year 2021-22, as on 22.09.2021 show that net collections are at Rs. 5,70,568 crore, compared to Rs. 3,27,174 crore in the corresponding period of the preceding Financial Year i.e FY 2020-21, representing an increase of 74.4%....

Read More
Posted Under: Corporate Law |

Corporate tax lags behind personal tax collection in Year 2020-21?

Yes sir, the net corporate tax collection is slightly lagging behind the personal tax collection in the year 2020-21. However, the gross corporate tax collection is higher than gross personal tax collection and the lower net corporate tax collection is on account of higher outflow due to refunds....

Read More
Posted Under: Corporate Law |

Direct tax collection doubled for first quarter of current fiscal

Direct tax collection for the first quarter of the current fiscal has doubled. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today....

Read More
Posted Under: Corporate Law |

Net Direct Tax collections for FY 2021-22 have grown at over 100%

The figures of Direct Tax collections for the Financial Year 2021-22, as on 15.06.2021 show that net collections are at Rs.1,85,871 crore compared to Rs. 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4% over the collections of the preceding year.  ...

Read More
Posted Under: Corporate Law |

Interest for failure to Collect/Deduct & for delayed TDS/TCS Payment

Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure to deduct tax at source/delay in payment of TDS, Non filing of TDS statement without payment of interest, Basic provisions relating ...

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,...

Read More
Posted Under: Corporate Law |

Analysis of provisional Gross Direct Taxes collected during FY 2020-21

Gross Direct Taxes collected during FY 2020-21 (before adjustment of refunds) are approximately Rs. 12.06 lakh crore (provisional). The major contributors : Corporation Tax (CIT) Rs. 6.31 lakh crore & Personal Income Tax (PIT) Including Security Transaction Tax (SIT) Rs. 5.75 lakh crore approximately. Here is the composition of the Gr...

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Posted Under: Corporate Law |

Tax Collected at Source (TCS)

1. Tax collection at source (TCS) is an additional amount collected as tax by a seller of specified goods from the buyer at the time of sale over and above the sale amount and is remitted to the government account. As per Income Tax Act 1961 certain persons, being the sellers must collect a specified […]...

Read More
Posted Under: Corporate Law |

Details of Central Taxes collected by Union Govt for FY 2020-21

The Minister further gave the tax-wise target for Central taxes to be collected from 1st April, 2020 to 31st March, 2021, tax-wise is as under:-...

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Posted Under: Corporate Law |

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