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Coercive actions, economic revival team up to lift tax mop-up ​ By IANS | ​ 2 Views Tax.. Image Source: IANS News New Delhi, April 9 : In a paradox of sorts, tax collections have significantly improved in the past few months despite the ongoing Covid-19 pandemic and its impact on the economy. Experts said the reasons for the surging tax collections have been a combination of improving economic activities and coercive actions by the authorities. In an ideal situation, tax collection should...

India’s Direct Tax Collection Exceeds Revised Budget Target In FY21 Apr 09 2021, 3:11 PM April 09 2021, 2:03 PM April 09 2021, 3:11 PM India’s gross direct tax collection rose in a financial year that saw the coronavirus pandemic freeze economic activities and shut businesses.Provisional estimates released by the Finance Ministry showed that the gross direct tax collection stood at Rs 12.06 lakh crore in 2020-21, a rise of 5% over the preceding fiscal.Net direct tax collections, whic...

While Finance Minister Nirmala Sitharaman suggested rationalisation of centrally sponsored schemes and central sector schemes, the outlay to these have in fact seen a sharp growth in 2021-22. The number of centrally sponsored schemes have increased to 35 in FY22 from 30 in FY21 and central sector schemes have increased to 704 from 685 in the previous year. The new CSSs include Mission Shakti, Saksham Anganwadi, Poshan 2.0, and Rashtriya Pashudhan Vikash Yojana. “On the recommendation of th...

Inflation measured by the Consumer Price Index (CPI) eased to 4.59% in December, more than what the market expected, compared with 6.93% in November. Core inflation, which does not factor in food and oil prices softened to 5.2% against 5.4% earlier.