annual estimates

November 24, 2022

Tax Collection To Exceed Budget Estimate Nearly By Rs 4 Lakh Cr: Revenue Secy

Rahul Bhagat Financial Reporting, Taxation annual estimates, budget 2023-24, Collection, Revenue secretary, tax

The tax collection target set in the Union Budget is nearly Rs 27.50 lakh crore, for the financial year ending March 2023. Expectedly, the total tax collection is around Rs 31.50 lakh crore for 2022-23

The revenue secretary, Tarun Bajaj said that tax collection in India will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal, on 23 November. This is due to buoyant income tax, customs duty and GST (Goods and Services Tax) mop-up.

According to him the tax revenues growth will continue to be on higher than the GDP growth, backed by formalisation of the economy and better compliance, reported a media house.

The tax collection target set in the Union Budget is nearly Rs 27.50 lakh crore, for the financial year ending March 2023.

Bajaj said the direct tax collection comprising personal and corporate taxes would be close to Rs 17.50 lakh crore in the current fiscal. Mop up from indirect taxes (customs, excise and GST) would be close to Rs 14 lakh crore.

Expectedly, the total tax collection is around Rs 31.50 lakh crore for 2022-23, he added.

The direct and indirect tax mop up fixed in the budget stood at Rs 14.20 lakh crore and Rs 13.30 lakh crore for current fiscal, respectively. It took the total figure to Rs 27.50 lakh crore.

Bajaj said that “We are using a lot of data from the income tax and GST departments, and MCA (ministry of corporate affairs). Also, we get data regarding high value expenditure. Formalisation of economy and technology that has helped improved compliance.”

During last fiscal, the direct tax collection went nearly 50 per cent up to Rs 14.10 lakh crore as compared to 2020-21.

“Higher tax collection than GDP growth, will continue as a trend,” said the secretary.

He also said that the government will be very near to the target set during budget, despite there existed a reduction in customs and excise duties during this fiscal.

A target of collecting Rs 2.13 lakh crore and Rs 3.35 lakh crore from customs and excise duties, respectively, has been set in the budget.

November 8, 2022

Taxpayers Should Check AIS Quarterly, Report Discrepancies: Joint Secy, FinMin

Rahul Bhagat Financial Reporting, Taxation AIS report, annual estimates, Finance Ministry, ITR, Joint Secretary, Kamlesh Varshney, quarterly, return fillings

In last year during November, the income tax department had released a new Annual Information Statement (AIS) on its portal which provides a comprehensive view of taxpayer information with an option to submit feedback. Kamlesh Varshney said that the system that has been developed is a very important one that it promote voluntary compliance without actually scrutinising a taxpayer

The taxpayers must check their annual information statement every quarter and flag any discrepancies in order to help reduce wrongful HRA deductions, said a senior official from finance ministry, on 8 November.

In last year during November, the income tax department had released a new Annual Information Statement (AIS) on its portal which provides a comprehensive view of taxpayer information with an option to submit feedback. The statement includes additional information related to interest, dividend, securities transactions, mutual fund transactions and foreign remittance information.

Joint secretary in the finance ministry, Kamlesh Varshney said during an event that one should keep on checking the AIS not only filing return but also quarterly. Checking the AIS (report) would ensure if anything wrong is reported so that other person claiming some kind of benefit wrongly is caught.

He said that to ensure voluntary compliance while filing the income tax returns (ITR), AIS has played an important role.

Quoting an example, he said people declare false information to their employer to claim HRA deductions. The AIS shows declarations along with the the person in whose account the rent amount has been credited.

Varshney said that the system that has been developed is a very important one that it promote voluntary compliance without actually scrutinising a taxpayer.

AIS’ objectives include displaying complete information to a taxpayer along with a facility to capture online feedback, promote voluntary compliance and enable seamless pre- filing of return. Its another objective is to “deter noncompliance”, as according to the Income Tax website.

August 31, 2022

April-July Fiscal Deficit At $42.91 Bn: Report

Urvi Srivastava Financial Reporting annual estimates, expenditure, Fiscal, report

Net tax receipts stood at Rs 6.66 trillion while total expenditure was Rs 11.27 trillion

India’s fiscal deficit (INFISC=ECI) for the fourth months through June touched Rs 3.41 trillion ($42.91 billion) or 20.5% of annual estimates, government data showed on Wednesday. Net tax receipts stood at Rs 6.66 trillion while total expenditure was Rs 11.27 trillion, the data showed.

(Reuters)