Direct Taxes

Budget 2020-21: Finance Ministry seeks suggestions for rationalising income tax, other duties

In perhaps the first instance, the finance ministry has kicked off the exercise to formulate the next budget by seeking suggestions on changes in direct and indirect taxes from industry and trade associations

Govt mops up Rs 6 lakh cr in direct tax collection so far, less than 50% of Rs 13.35 lakh cr target set for current year

The government has so far mopped up Rs 6 lakh crore or less than 50 percent of the total tax collection target of Rs 13.35 lakh crore for the current fiscal, a senior official said

Corporate tax cut to help top 1,000 firms save Rs 65,000 cr, but measure unlikely to stimulate private sector capex in medium-term

The internal rate of return expected from any new upcoming capex is determined by both the likely asset turnover and cost structure of the business, it explained.

Budget 2019: How to understand direct tax and indirect tax better

indirect tax is collected by one entity in the supply chain and paid to the government

Economic Survey 2018-19: Gross tax to GDP ratio dips to 10.9% in FY19 on shortfall in indirect tax revenues

The gross tax to GDP ratio declined to 10.9 percent in 2018-19 as indirect tax revenues fell short of budget estimates by about 16 percent, due to shortfall in Goods and Services Tax (GST) mop up, the Economic Survey said

Union Budget 2019: Direct taxes form about 50% of govt's revenue; help curb inflation, maintain socio-economic balance

Direct taxes are considered to be very productive, the reason being, as the working population and community grow, so do the returns from direct taxation.

Union Budget 2019: Will Nirmala Sitharaman be able to stick to fiscal deficit target in her new role as finance minister

The interim Budget presented in February this year had revised upward the fiscal deficit target to 3.4 percent from 3.3 percent of the GDP estimated earlier for 2018-19.

Govt close to meeting fiscal deficit target of 3.4%; some numbers are still to come, says SC Garg

The government in the interim Budget in February revised upward the fiscal deficit target to 3.4 percent from 3.3 percent of GDP

Net direct tax collection crosses Rs 10 lakh cr mark; govt confident of achieving Rs 12 lakh cr target for fiscal of 2019

The net direct tax collection figure has crossed the Rs 10 lakh crore mark as on 16 March, helped by the fourth and final installment of tax payment

Govt will meet fiscal deficit target of 3.4% in FY'19, says Economic Affairs Secretary Subhash Chandra Garg

Economic Affairs Secretary Subhash Chandra Garg on Friday exuded confidence that fiscal deficit target of 3.4 percent for 2018-19 would be met as a shortfall in indirect tax collection would be compensated by lower expenditure