The great Indian tax paradox: Can the tax mop-up keep its pace in the current fiscal?
SECTIONS
The great Indian tax paradox: Can the tax mop-up keep its pace in the current fiscal?By
Share
Synopsis
Augmenting tax collection is critical. If the pandemic continues, pro-poor schemes will need more resources. Ramping up the heath infrastructure to prepare for a third wave will also need money.
Agencies
Taxes collected from smaller firms are recorded in the personal income tax category alongside those from individual taxpayers.
Simple financial wisdom would tell you when an economy shrinks, tax collection falters. When the contraction is unprecedented amid a crushing global pandemic, the fallout on tax revenue should be devastating. But India bucked this trend in the last fiscal year. In the Covid-hit, bruised FY 2020-21, the central government mopped up an additional tax revenue of Rs 67,133 crore, a 4.9% rise y-o-y, according to data released by the Controller General
Ryman Hospitality Properties’ recent announcement it is buying the remaining interest in the Gaylord Rockies Resort and Convention Center means it can push the gas pedal to the floor creating
All indications are that summer tourists will again flock to small towns such as New Bern and Kinston.
With an easing of COVID-19 restrictions, coupled with vaccinations, local restaurants, shops and tourist targets are ready for the best tourist influx in recent years, following two hurricanes and a pandemic. There is lots of excitement, because anywhere you read, people in bigger cities and densely-populated areas want to get to somewhere with fewer people, more open space, and that includes cities like New Bern, said Kevin Roberts, president of the New Bern Area Chamber of Commerce. We have already seen, just in the month of April, increased numbers of people coming into this market. That s very exciting, but in the process of coming out of this pandemic, it is also a little alarming to us, because mostly restaurants, but really all businesses, are having a lot of trouble getting people to come back to work.
14 April 2021
Net indirect tax collections (GST and non-GST) for the financial year 2020-21 increased bt 12.3 per cent to Rs10.71 lakh crore aagainst Rs9.54 lakh crore for the financial year 2019-20, provisional figures released by the finance ministry show.
Net indirect tax collection for the financial year 2020-21 shows that 108.2 per cent of the revised estimates (RE) of indirect taxes for fiscal 2020-21 has been achieved.
Net customs duty collections stood at Rs1.32 lakh crore during the financial year 2020-21 compared to Rs1.09 lakh crore during the previous financial year, thereby registering a growth of around 21 per cent.
Net tax collections on account of central excise and service tax (arrears) during financial year 2020-21 stood at Rs3.91 lakh crore compared to Rs2.45 lakh crore in the previous financial year, thereby registering a growth of more than 59 per cent.