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Under the provisions of section 119 of the Income Tax (I-T) Act, 1961, the Central Board of Direct Taxes (CBDT) has eased compliances. (Representational Image)

Centre extends tax-related compliance dates in view of Covid-19. Check details

PUBLISHED ON MAY 01, 2021 02:11 PM IST
The government said that it has eased compliances to be made by the taxpayers and to mitigate the difficulties faced by various stakeholders in these difficult times marked by the coronavirus disease (Covid-19) pandemic.
The output of eight key infrastructure industries was -0.1% in September, compared to -7.3% in August, as per official data.
The output of eight key infrastructure industries was -0.1% in September, compared to -7.3% in August, as per official data.

Fiscal deficit for Apr-Oct at 119.7% of budget target

Hindustan Times, New Delhi | By Shreya Nandi, New Delhi
UPDATED ON NOV 28, 2020 06:08 AM IST
The Centre has retained this year’s fiscal deficit target at 3.5% of gross domestic product (GDP) but experts believe it will be a much higher 7.5-9.25%.
Higher tax buoyancy implies that tax collection would rise at a faster pace for the same rise in incomes.(REUTERS)
Higher tax buoyancy implies that tax collection would rise at a faster pace for the same rise in incomes.(REUTERS)

Covid-19 to ‘significantly’ impact state finances: RBI

Hindustan Times, New Delhi | By Roshan Kishore, New Delhi
UPDATED ON OCT 28, 2020 02:13 AM IST
As most states presented their budgets before the onset of the pandemic, their budget estimates of deficits are unlikely to capture the true picture of the ongoing fiscal year, the report says.
GST revenue accruals in October have been robust as more businesses emerge from the lockdown.
GST revenue accruals in October have been robust as more businesses emerge from the lockdown.

GST collections may cross Rs 1 lakh-crore mark for the first time in 8 months

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON OCT 24, 2020 04:59 AM IST
The Covid-19 disease outbreak forced a 68-day hard lockdown starting on March 25, which forced the temporary closure of manufacturers and service providers in all sectors but those deemed essential. These were gradually loosened.
As per the state government’s statistical data, it earned a total revenue of Rs 10,675.42 crore in July 2020 and Rs 9,545.21 crore in August 2020 against Rs 9516.50 crore in September 2020.(Pradeep Gaur/Mint)
As per the state government’s statistical data, it earned a total revenue of Rs 10,675.42 crore in July 2020 and Rs 9,545.21 crore in August 2020 against Rs 9516.50 crore in September 2020.(Pradeep Gaur/Mint)

UP claims tax collections up, earning-expenditure gap remains

Hindustan Times, Lucknow | By Umesh Raghuvanshi
UPDATED ON OCT 05, 2020 11:56 PM IST
The state government’s non-tax revenue also increased to Rs 182.33 crore in September 2020 against Rs 120.89 crore in the same month in 2019.
The PMC this year encouraged online payment of tax, which helped he civic body as 84000 more online transactions were recorded.(Rahul Raut/HT PHOTO)
The PMC this year encouraged online payment of tax, which helped he civic body as 84000 more online transactions were recorded.(Rahul Raut/HT PHOTO)

PMC deploys more staff for property assessment, tax collection

Hindustan Times, Pune | By HT Correspondent
UPDATED ON AUG 19, 2020 05:36 PM IST
Due to pandemic induced lockdown, PMC collected Rs 673 crores, a fall of Rs 90 crores
The revenue generation from goods and service tax (GST), excise and VAT plummeted by 71% for April and May in comparison to the same period last year, a senior Chandigarh administration official has said.(Mint)
The revenue generation from goods and service tax (GST), excise and VAT plummeted by 71% for April and May in comparison to the same period last year, a senior Chandigarh administration official has said.(Mint)

Covid-19 austerity measures: Chandigarh admn slashes expenditure by 20%

Hindustan Times, Chandigarh | By Munieshwer A Sagar, Chandigarh
UPDATED ON JUL 11, 2020 02:02 AM IST
Cuts to impact municipal corporation, engineering department asked to focus only on ongoing development works, freeze on new hiring
As the collections were only 37.49% of targets on non-tax revenue front too, the UP government may have to mobilise additional resources soon, if situation fails to improve in coming months.(Bloomberg)
As the collections were only 37.49% of targets on non-tax revenue front too, the UP government may have to mobilise additional resources soon, if situation fails to improve in coming months.(Bloomberg)

Major revenue earning depts of UP fail to meet targets again

Hindustan Times, Lucknow | By Umesh Raghuvanshi, Lucknow
UPDATED ON JUL 05, 2020 07:39 AM IST
The UP government’s total tax revenue collection in first quarter (April 1 to June 30, 2020) was Rs 15,716.48 against the targeted tax revenue of Rs 41,602.68 crore.
In order to boost investments, the government in September last year gave a ₹1.45 lakh crore bonanza to the industry by drastically reducing corporate tax rates. (Representative Image)(Getty Images/iStockphoto)
In order to boost investments, the government in September last year gave a ₹1.45 lakh crore bonanza to the industry by drastically reducing corporate tax rates. (Representative Image)(Getty Images/iStockphoto)

Gross Direct Tax collection grew 8% in FY20, says CBDT

Hindustan Times, New Delhi | By Rajeev Jayaswal
PUBLISHED ON JUN 08, 2020 05:25 AM IST
The revenue impacts of corporate tax reforms and personal income tax concessions were 1,45,000 crore and 23,200 crore, respectively.
Stranded migrant workers queue to collect health certificates, Pune, May 6, 2020(Ravindra Joshi/HTPhoto)
Stranded migrant workers queue to collect health certificates, Pune, May 6, 2020(Ravindra Joshi/HTPhoto)

Indian states are short of money. They need help | Opinion

By Avani Kapur and Udit Ranjan
UPDATED ON MAY 17, 2020 06:48 PM IST
Changes of the past six years had put their finances in a precarious position. The current measures aren’t enough
HT Image
HT Image

Lockdown effect: Haryana’s economy to take a hit

Hindustan Times, Chandigarh | By Hitender Rao, Chandigarh
UPDATED ON MAR 31, 2020 10:03 PM IST
Tax officials said the extent of revenue loss will depend on how long the lockdown continues.
On February 1, the finance minister stood up in Parliament to give the nation a three-hour lecture on India’s prosperity in the “Sindhu Saraswati” civilisation(PTI)
On February 1, the finance minister stood up in Parliament to give the nation a three-hour lecture on India’s prosperity in the “Sindhu Saraswati” civilisation(PTI)

The budget is insipid. It won’t revive the economy | Opinion

By Praveen Chakravarty
PUBLISHED ON FEB 01, 2020 10:19 PM IST
It did not have a bold demand stimulus, a public investment stimulus or any supply-side stimulus
GST collections have bounced back and the January collection is likely to be the second highest ever.(ANI Photo)
GST collections have bounced back and the January collection is likely to be the second highest ever.(ANI Photo)

GST collection to cross Rs 1.1 lakh crore, second highest since its launch

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON FEB 01, 2020 01:38 AM IST
January will be the third consecutive months when GST collections will cross Rs1 lakh crore benchmark. However, the collection this month will be marginally lower than the revised target of Rs 1.15 lakh crore, they said.
Reuters reported on Friday that direct tax collections in the current fiscal year could end up being lower than the Rs 11.5 lakh crore collected in 2018-19(Bloomberg)
Reuters reported on Friday that direct tax collections in the current fiscal year could end up being lower than the Rs 11.5 lakh crore collected in 2018-19(Bloomberg)

Direct tax numbers to put GDP in focus

Hindustan Times, New Delhi | By Roshan Kishore
UPDATED ON JAN 25, 2020 07:39 AM IST
If the direct tax collections fall short of the 2018-19 figures — and it could, given the sharp fall in the government’s own growth estimates for 2019-2020 — this will only be the second instance of a contraction in direct collections since 1980-81, the earliest period for which data is available with the Reserve Bank of India.
India’s corporate and income tax collection for the current year is likely to fall for the first time
India’s corporate and income tax collection for the current year is likely to fall for the first time

India faces first fall in direct taxes in at least two decades: Report

Hindustan Times, Mumbai | By Reuters
UPDATED ON JAN 24, 2020 06:25 PM IST
However, a sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections and prompting the government to forecast 5% growth for this fiscal year - the slowest in 11 years.
The strong mandate received by the ruling party would indicate that the efforts made towards basic provisions and financial inclusion were successful(ANI)
The strong mandate received by the ruling party would indicate that the efforts made towards basic provisions and financial inclusion were successful(ANI)

The budget must dispel the people’s doubts

By Govind Sankaranarayanan
UPDATED ON JAN 20, 2020 08:05 PM IST
Explaining the rationale underpinning the government’s choices will help increase trust and belief in its plans
India needs synergy in its efforts to seek long-term finance to sustainably finance investments and provide attractive returns to households outside what continues to be an overvalued stock market(PTI)
India needs synergy in its efforts to seek long-term finance to sustainably finance investments and provide attractive returns to households outside what continues to be an overvalued stock market(PTI)

Budget 2020: Focus on growth

UPDATED ON JAN 15, 2020 07:04 PM IST
Address unemployment, boost demand, push policy reforms
HT Image
HT Image

Chandigarh MC panel recommends 20% hike in property tax

PUBLISHED ON DEC 19, 2019 01:06 AM IST
Civic body eyes additional 10 -15 crore annual collection; agenda likely to be tabled in General House on Dec 30
Pakistan’s ruling Imran Khan government has broken all previous records in borrowing money merely in the first year of its tenure.(Reuters File Photo)
Pakistan’s ruling Imran Khan government has broken all previous records in borrowing money merely in the first year of its tenure.(Reuters File Photo)

Imran Khan government breaks record, borrows Rs 7500 billion in first year of its tenure: Report

Islamabad | By Indo Asian News Service
UPDATED ON JUL 08, 2020 07:15 AM IST
Between August 2018 and August 2019, the Pakistan government has borrowed Rs 2,804 billion from foreign sources and Rs 4,705 billion from domestic sources, a report in the Pakistani media said.
The success of the move depends on the government’s approach to tax administration; its management of public finances; the other steps it takes to address structural issues and boost investment; and the manner in which firms choose among available tax structures(PTI)
The success of the move depends on the government’s approach to tax administration; its management of public finances; the other steps it takes to address structural issues and boost investment; and the manner in which firms choose among available tax structures(PTI)

The government’s corporate tax move is bold. But there is a fiscal risk | Opinion

By Suyash Rai
UPDATED ON SEP 21, 2019 06:22 AM IST
It will potentially leave investors with more money, make firms competitive, and boost consumption
India’s gross domestic product (GDP) growth slowed to 5% in the quarter ended June.
India’s gross domestic product (GDP) growth slowed to 5% in the quarter ended June.

How bad is the slowdown? State of the economy explained in 10 charts

New Delhi | By Roshan Kishore
UPDATED ON SEP 08, 2019 11:45 AM IST
Tax projections made in the budget are based on projected nominal GDP growth for the year. This year’s budget had a projected nominal GDP growth of 12%. An 8% growth rate can lead to a serious shortfall in taxes.

The Big Picture:How deep is the crisis confronting the Indian economy?

Hindustan Times | By Hindustan Times
UPDATED ON JUN 25, 2020 12:37 AM IST
India’s GDP growth plummeted to 5% in the first quarter of the current fiscal year. This is the lowest in 25 quarters. This is only the second instance of growth rate falling for five consecutive quarters since 1999.
India’s GDP growth plummeted to 5% in the first quarter of the current fiscal year.(Reuters)
India’s GDP growth plummeted to 5% in the first quarter of the current fiscal year.(Reuters)

There is an economic slowdown. Govt must first get its diagnosis right

New Delhi | By Roshan Kishore
UPDATED ON JUN 25, 2020 12:33 AM IST
A four percentage point shortfall in this figure for the entire year, if it happens, will mean a big shortfall in tax collections. This also means that the government will find it very difficult to spend what it has committed in the budget.
For a mandate as massive as the Modi government has received, a first budget could have tried harder(Raj K Raj/HT PHOTO)
For a mandate as massive as the Modi government has received, a first budget could have tried harder(Raj K Raj/HT PHOTO)

What the quest for a $5 trillion economy entails

By Partha Mukhopadhyay
UPDATED ON JUL 06, 2019 05:54 AM IST
Did the inertia of the budgetary process sabotage the claimed novelty of the budget? Did it miss a trick?
As the private sector may not invest in harnessing data where it is not profitable, “government must intervene in creating data as a public good, especially of the poor and in social sectors of the country”, the Survey states.(HT Photo)
As the private sector may not invest in harnessing data where it is not profitable, “government must intervene in creating data as a public good, especially of the poor and in social sectors of the country”, the Survey states.(HT Photo)

Call for data to be treated as a ‘public good’, can play key role in driving policy

New Delhi | By HT Correspondent
UPDATED ON MAY 28, 2020 06:07 PM IST
The annual survey sets the tone for how data will power government policy — from boosting tax collections to administering welfare programmes.
The experience so far has not been encouraging on the fiscal front. The budget numbers speak for themselves.(HT Photo)
The experience so far has not been encouraging on the fiscal front. The budget numbers speak for themselves.(HT Photo)

2 years on, a look at the hits and hurdles of Goods and Services Tax

Hindustan Times, New Delhi | By Roshan Kishore and Rajeev Jayaswal
UPDATED ON JUL 01, 2019 08:23 AM IST
Implementing a radical and universal reform in an economy as large as India is bound to witness teething troubles and GST did. Two years after it was implemented, the question is whether GST is moving towards its promise of improving tax collections and removing bottlenecks to trade.
According to MCG officials, during the survey, taxpayers need to provide a copy of an identification document, such as a voter ID Card, Aadhaar card, driving licence or PAN card, for verifying their identity.(HTPhotos)
According to MCG officials, during the survey, taxpayers need to provide a copy of an identification document, such as a voter ID Card, Aadhaar card, driving licence or PAN card, for verifying their identity.(HTPhotos)

MCG survey to boost tax collection

Hindustan Times, Gurugram | By HT Correspondent
UPDATED ON JUN 28, 2019 03:32 AM IST
The development holds importance as property tax is MCG’s main source of income.
The Central Board of Direct Taxes (CBDT) frames policy for the I-T department and is also its controlling authority that functions from the North Block in the Finance Ministry.(HT PHOTO/Representative Image)
The Central Board of Direct Taxes (CBDT) frames policy for the I-T department and is also its controlling authority that functions from the North Block in the Finance Ministry.(HT PHOTO/Representative Image)

Direct tax collection falls short, CBDT raises alarm

New Delhi | By Press Trust of India
UPDATED ON MAR 28, 2019 06:43 PM IST
The CBDT’s (Central Board of Direct Taxes) disappointment at this situation and has asked the supervisory tax officials to pull up their socks and ensure no stone remains unturned to achieve the target.
The budgetary performance of the Arvind Kejriwal-led AAP government has also been marked by under-utilisation.(File Photo)
The budgetary performance of the Arvind Kejriwal-led AAP government has also been marked by under-utilisation.(File Photo)

How AAP govt spent more in four years, but still fell short in spending

howindialives.com | By Vaidik Dalal
UPDATED ON FEB 26, 2019 07:34 AM IST
As the AAP govt prepares to present its final full budget, an analysis of its four previous budgets shows a regime that has been successful in expanding the size of its funding pie and allocations to its stated areas of focus, but not quite in seeing through those allocations the way it would have liked to.
IThe net direct tax collections represent 48 per cent of the total budget estimates of direct taxes for financial year 2018-19 (Rs 11.50 lakh crore).(Bloomberg)
IThe net direct tax collections represent 48 per cent of the total budget estimates of direct taxes for financial year 2018-19 (Rs 11.50 lakh crore).(Bloomberg)

Direct tax collections surge 15.7 percent to Rs 6.75 lakh crore in Apr-Nov

New Delhi | By Press Trust of India
UPDATED ON DEC 10, 2018 01:52 PM IST
Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.8 per cent higher than refunds issued in the same period last year.
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