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Indirect tax revenue up 12% in FY21, exceeds revised estimate

Indirect tax revenue up 12% in FY21, exceeds revised estimate
April 13, 2021
At ₹10.71-cr, mop up even crossed FY20’s 9.54-lakh cr
Indirect tax collection during FY21 exceeded not just the revised estimate, but the actual collection in FY20 as well, the Finance Ministry said on Tuesday.
“Provisional net indirect tax collections (GST and non-GST) for FY21 show growth of more than 12 per cent compared to actual revenue receipts in FY20. Net indirect tax collections represent 108.2 per cent of the revised estimates of ₹9.89-lakh crore of indirect taxes for FY21,” a statement issued by the Ministry said.
Revenue collection
The provisional figures showed that net revenue collections are at ₹10.71-lakh crore compared to 9.54-lakh crore for FY20. As regards customs, net tax collections stood at ₹1.32-lakh crore during the period under consideration against ₹1.09-lakh crore during FY20, a growth of around 21 per cent. ....

Saket Patawari , Finance Ministry , Executive Director , Indirect Tax , Sabka Vishwas , Legacy Dispute Resolution , சாக்கேத் படாவரி , நிதி அமைச்சகம் , நிர்வாகி இயக்குனர் , மறைமுகமாக வரி , சப்கா விஸ்வாஸ் , மரபு தகராறு தீர்மானம் ,

CBI files FIR against Cadbury for corruption in obtaining Himachal factory licence

CBI files FIR against Cadbury for corruption in obtaining Himachal factory licence
businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.

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Companies opt for tax settlement scheme, face probe

Synopsis
Sabka Vishwas (Legacy Dispute Resolution) Scheme, or SVLDR, was introduced to clear the backlog of erstwhile indirect tax disputes for companies to get over with service tax and other ongoing disputes. The scheme, introduced in 2019, was aimed at freeing “a large number of small taxpayers of their pending disputes with the tax administration”.
Many companies that approached the indirect tax department to settle tax disputes under Sabka Vishwas Scheme are now under the taxman’s lens for evading tax. In several notices issued to such companies, the tax department claims its investigations revealed the companies had not paid taxes under the pre-GST tax regime. ....

Sabka Vishwas Scheme , Legacy Dispute Resolution , Tax Settlement Scheme , Tax Settlement , Tax Departments , Goods And Services Tax , சப்கா விஸ்வாஸ் திட்டம் , மரபு தகராறு தீர்மானம் , வரி தீர்வு திட்டம் , வரி தீர்வு , வரி செலுத்துவோர் , வரி துறைகள் , பொருட்கள் மற்றும் சேவைகள் வரி ,

Union Budget 2021: Exporters urge Finance Minister to increase R&D spends, reduce taxes

ANI |
Updated: Jan 29, 2021 13:35 IST
By Shailesh Yadav
New Delhi [India], January 29 (ANI): Ahead of the upcoming Union Budget to be presented on February 1 exporters bodies have made a presentation to Finance MinisterNirmala Sitharaman and are waiting eagerly for a favourable Budget.
They had made a presentation to the Finance Minister for tax deductions on product development and Research and Development, Income Tax rate reduction for non-corporates, double tax deduction scheme for internationalisations and deemed export status to Indian industry under the global bidding of procurement.
The Federation of Indian Export Organisations (FIEO) and Apparel Export Promotion Council (AEPC) in their presentation to the government have suggested to bring a Double Tax Deduction Scheme for Internationalizations to allow exporters to deduct against their taxable income, twice the qualifying expenses incurred for approved overseas ac ....

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Budget 2021: Exporters' body suggests double tax deduction scheme, export development fund to FM Sitharaman

Budget 2021: Exporters body suggests double tax deduction scheme, export development fund to FM Sitharaman
Other recommendations include extending tax deduction on product development, providing deemed export status to Indian industry under the global bidding of procurement, ECGC coverage to the banks for export finance, and higher budget allocation to the Department of Commerce
PTI | January 5, 2021 | Updated 13:25 IST
Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf suggested these steps during a pre-budget consultation meeting with Finance Minister Nirmala Sitharaman
Exporters body FIEO on Saturday suggested a host of steps such as bringing a double tax deduction scheme and setting up of an export development fund to the finance ministry with a view to boosting outbound shipments. Other recommendations include extending tax deduction on product development, providing deemed export status to Indian industry under the global bidding ....

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