WHAT IS TAX COLLECTION?
Tax Collection
In order to garner income for the government to finance social projects, tax is collected from individuals and corporations via direct tax and indirect tax. These two tax collections form the government's revenue.
Revenue receipts can be of two types — non-tax revenue and tax revenue. Tax revenue is the income gained by the government through taxation.
Tax revenue forms a part of the Receipt Budget, which in turn is part of the Annual Financial Statement of the Union Budget. Union Budget keeps the account of the government's finances for the fiscal year that runs from April 1 to March 31. Union Budget is classified into Revenue Budget and Capital Budget.
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LATEST UPDATES ON TAX COLLECTION
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Corporate tax collection to GDP ratio exceeds 3% after two years in FY'22
Corporate tax collections exceeded 3 per cent of the GDP after a gap of two years in 2021-22, reflecting overall improvement in ...| January 01, 2023, Sunday -
CBIC asks taxmen to recover lower dues from firms under insolvency
Issues a separate circular on limitation period of show-cause notices| December 28, 2022, Wednesday -
Gross direct tax collections up by 30% at Rs 10.93 trn in current fiscal
The Central government has set a target of Rs 14,20,000 crore for collection of direct taxes as per budget estimates for 2022-23| December 26, 2022, Monday -
CBDT to hold high-level meeting to review revenue collection of FY23
Move seen as part of department's revenue maximisation exercise| December 19, 2022, Monday -
Advance tax mop-up grew 13% in April-Dec period to Rs 5.21 trillion
Net direct tax collection has grown 19% to over Rs 11.35 trillion| December 18, 2022, Sunday -
CBDT seeks detailed report on the top 15 taxpayers in each region
Directive issued for maximising revenue collection and monitoring advance tax mop up| December 15, 2022, Thursday -
Over 60% of returns filed for amount less than Rs 5 lakh, shows data
Higher tax exemption slabs may exclude significant numbers from existing pool| December 12, 2022, Monday -
Tax collection to exceed Budget estimate by nearly Rs 4 trn: Revenue Secy
India's tax collection will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal on the back of buoyant ...| November 23, 2022, Wednesday -
RBI report flags large-scale variation in property tax collection in states
It may look surprising but it is a fact that the property tax revenue of the municipal bodies in Delhi is much more than that of ...| November 20, 2022, Sunday -
Better tax collection to help meet FY23 fiscal target of 6.4%: Report
The Centre is likely to meet the key fiscal targets led by the deficit getting contained at the budgeted target of 6.4 per cent ...| November 11, 2022, Friday
