Tax Collections

India may face loss of Rs 12.1 lakh cr during lockdown; GDP growth likely to decline to 1.1% this financial year: SBI report

The revised fiscal deficit will be at 5.7 percent of GDP and after taking into account only the current extra-budgetary resources (EBR), the deficit rises to 6.6 percent of GDP.

Coronavirus Outbreak: Govt may slash borrowings from market in April; travel curbs disrupt bond market trading

The government was likely to announce its borrowing plan by Tuesday at the latest, a finance ministry spokesman said.

India may miss tax collection target for 2019-20 by Rs 2.5 lakh cr; it's time to junk DDT, reform personal income tax: SC Garg

The government had budgeted gross tax revenues of Rs 24.59 lakh crore.

Govt to cut spending by Rs 2 tn this fiscal amid biggest tax shortfall in recent years; likely to hit growth: Report

Lack of demand and weak corporate earnings growth in the economy led to lagging tax collections this year

India's economic growth likely to slow further in second half of 2019 on weakness in consumption sector: DBS

Weakness in the crucial consumption sector is likely to be extended into the quarter along with tepid private sector activity.

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation

The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid a slowdown in the economy, sources said

Govt unlikely to reduce GST rates for auto, biscuit manufacturers amid fall in revenue collection; fitment panel rejects tax cuts

Another concern of the government is that if it succumbs to the pressure of biscuit manufacturers, the sectors that face the same tax rate of 18% may also seek a GST cut

India likely to miss fiscal deficit target this year amid pressure for more stimulus; tax collections may fall by Rs 1 lakh cr: Report

Two government advisers said they have also urged the Prime Minister Narendra Modi-led government to defer the fiscal target to tackle the economic slowdown.

Why super-rich sulking over super-hike in tax rates is bunkum; someone ought to foot the bill anyway

The higher tax charges will apply to individuals and domestic investors in the said income brackets as well. There will be repercussion going ahead as well.

EAC-PM member Rathin Roy demands white paper on medium-term fiscal framework

Sounding a note of caution, EAC-PM member Rathin Roy on Monday urged the government to issue a white paper on medium-term fiscal framework, arguing that it would be difficult to meet the Budgetary tax collection target for 2019-20