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29 Apr

Centre should reduce tax on ATF to bring down airfares: Mamata Banerjee hits out at PM Modi

West Bengal Chief Minister Mamata Banerjee on Thursday slammed the Centre over airfares. She said that centre should reduce the tax on Aviation Turbine Fuel (ATF) to bring down airfares.

Banerjee demanded that the centre should reduce customs duty, additional customs duty, and excise duty.

“Instead of pointing fingers at states, GOI should reduce its customs duty(@ 5%), addl customs duty(@ 11%) & excise duty (11%) on ATF to bring down air fares,” tweeted Mamata Banerjee.

Banerjee further stated that West Bengal Government has already exempted taxes on Aviation Turbine Fuel (ATF) at Bagdogra and Andal airports. She said while the Bengal government have been proactively slashing their levies to bring down airfares, Centre is only preaching free sermons without practising them.

“We in GOWB have exempted taxes on ATF at Bagdogra and Andal airports, take only 1% on RCS Udan flights at Kolkata, 5% on small aircrafts and 12.5% for all airlines commecing ops since 2012-13,” wrote Banerjee.

“We have been proactive in slashing all our levies to bring down airfares, while GoI is preaching free sermons without practising them,” she tweeted.

All these remarks come after PM Modi on Wednesday urged the Chief Ministers of all the states to follow the Centre’s decision by reducing taxes on petrol and diesel to provide relief to the people from the price hike.

 

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08 Apr

Tax Revenues In 2021-22 Exceed The Union Budget Estimates By Rs 5 Lakh Crore: Ministry of Finance

The tax revenue in the Union Budget for 2021-22 was estimated at ₹22.17 lakh crore against the revised estimates of ₹19 lakh crore, with a growth of 17%. The Union Budget was presented on 1st February 2021 when the 1st COVID wave had tapered off in India but the world was facing successive waves.

Against the Union Budget estimates of ₹22.17 lakh crore, the revenue collections as per the pre-actual figures is ₹27.07 lakh crore, almost ₹5 lakh crore above the budget estimates. This is a growth of 34% over last years revenue collection of ₹ 20.27 lakh crore, led by growth of 49% in direct taxes and supported by 20% growth in indirect taxes.

According to statement by the Ministry of Finance, this revenue growth has been propelled by rapid economic recovery after successive waves of COVID, supported by one of the largest immunization programme of the world run by the Government. It also signifies a robust recovery in the economy.

2021-22 marks the highest tax-GDP ratio of 11.7%, with direct tax to GDP ratio at 6.1% and indirect tax to GDP ratio at 5.6%. The tax buoyancy (which is a measure of growth in tax revenues as compared to GDP growth) is at a very healthy figure of 1.9, with 2.8 for direct taxes and 1.1 for indirect taxes. The ratio of direct to indirect taxes recovered from 0.9 in 2020-21 back to 1.1 in 2021-22.

The gross corporate taxes during 2021-22 was ₹8.6 lakh crore against ₹6.5 lakh crore last year, which shows that the new simplified tax regime with low rates and no exemptions has lived upto its promise. During the year, Income tax department gave refunds of ₹2.24 lakh core. During last two years, the effort has been to clear backlog of refunds to infuse liquidity into the hands of businesses. During the year, 2.4 crore refunds were issued that included 2.01 crore related to the year 2021-22, for which the returns were filed till 31st March 2021.

This has been possible due to faster processing of returns. During 2021-22, 22.4% returns were processed on the same day and around 75% returns were processed in less than a month time. The average processing time for returns during 2021-22 was 26 days. During the year, 7.14 crore returns were filed as compared to 6.97 crore last year.

On the indirect taxes, GST has seen an exemplary growth during 2021-22 despite two waves of COVID-19 pandemic. CGST revenues increased from ₹4.6 lakh crore last year to ₹5.9 lakh crore in 2021-22. The average monthly gross GST revenue in 2021-22 was ₹1.23 lakh crore as compared to ₹94,734 in 2020-21 and ₹1.01 lakh crore in 2019-20.

The level of economic recovery can also be seen from the value of e-way bills generated every month, which has improved from ₹16.9 lakh crore in January 2021 to ₹25.7 lakh crore in March 2022.

During 2021-22, Customs duty has witnessed a growth rate of 48%.

It is expected that the trend of recovery in the economy and tax revenues of the Government will continue to grow.

 

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01 Apr

GST collections touches all-time high in March at Rs 1.42 lakh crore

The gross GST revenue collected in the month of March 2022 is Rs 1.42 lakh crore (1,42,095 crore). The gross GST collection in March 2022 is all time high breaching earlier record of Rs 1,40,986 crore collected in the month of January 2022.

According to a statement by the Ministry of Finance, the revenues for the month of March 2022 are 15% higher than the GST revenues in the same month last year and 46% higher than the GST revenues in March 2020.

During the month, revenues from import of goods was 25% higher and the revenues from the domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year.

Total number of e-way bills generated in the month of February 2022 is 6.91 crore as compared to 6.88 crore e-way bills generated in the month of January 2022 despite being a shorter month, which indicates recovery of business activity at faster pace, said the Ministry of Finance.

The average monthly gross GST collection for the last quarter of the FY 2021-22 has been ₹ 1.38 lakh crore against the average monthly collection of ₹ 1.10 lakh crore, ₹ 1.15 lakh crore and 1.30 lakh crore in the first, second and third quarters respectively.

Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST, the Ministry said.

The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure.

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20 Mar

Income Tax Department detects Rs 224 crore black income after raids on Maharashtra-based unicorn

On Sunday Income Tax Department conducted a search and seizure operation on a Pune and Thane based unicorn start-up group, primarily engaged in the business of wholesale and retail of construction material.

The group has a Pan-India presence having an annual turnover exceeding Rs. 6,000 crore. A total of 23 premises were covered in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh, and Madhya Pradesh, in the search operation.

According to a statement by the Ministry of Finance, a large number of incriminating evidences in the form of hard copy documents and digital data have been found & seized during the search operations. This evidence revealed that the group has booked bogus purchases, made huge unaccounted cash expenditures and obtained accommodation entries, aggregating to the tune of over Rs. 400 crore.

This evidence were confronted to the Directors of the group, who admitted under oath this modus operandi, disclosed additional income of more than Rs. 224 crore in various assessment years, and consequently offered to pay their due tax liability.

The search action also revealed that the group had obtained huge foreign funding via the Mauritius route, by issuing shares at an exorbitantly high premium.

During the search operation, a complex hawala network of some Mumbai and Thane based shell companies was also unearthed. These shell companies exist on paper, and were created only for the purpose of providing accommodation entries. Preliminary analysis has revealed that the total quantum of accommodation entries provided by these shell entities exceeds Rs. 1,500 crore.

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