Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
Banking & Finance Finance

Finance Ministry Gave Target of Rs 13.4 Lakh Crore to Tax Collectors

The government’s efforts to maintain its deficit goal goes against advice from some quarters, including central bank Governor Shaktikanta Das, who urged more spending to spur economic growth. It’s uncertain though how much room Modi’s administration has to boost expenditure, given that it may already be borrowing as much as 540 billion rupees through state-run companies, a figure that isn’t reflected on the federal balance sheet. Uncertainty about public finances pushed up sovereign yields in November and December, compelling Das to announce unconventional policies to keep costs in check, reported Bloomberg.

author-image
SMEStreet Desk
06 Jan 2020 04:08 IST

Follow Us

New Update
Nirmala Sitharaman

The Union Finance Ministry has asked the revenue collectors to meet tax target despite USD 20 billion of corporate tax cuts.

On December 16 a video conferencing was held between the Union Finance Ministry and revenue collectors in which it was exhorted to meet the direct tax mop-up target of Rs 13.4 lakh crore ($187 billion). Collection in the eight months to November grew at 5% from a year earlier, against the desired 17%.

In fiscal year 2019, the central government had collected Rs 20.80 trillion in gross tax revenue. In 2019-20, it hopes to collect Rs 24.61 trillion, or 18.32% more. In the first seven months of fiscal 2019-20, the tax collected has grown just 1.22%.

The government’s efforts to maintain its deficit goal goes against advice from some quarters, including central bank Governor Shaktikanta Das, who urged more spending to spur economic growth. It’s uncertain though how much room Modi’s administration has to boost expenditure, given that it may already be borrowing as much as 540 billion rupees through state-run companies, a figure that isn’t reflected on the federal balance sheet. Uncertainty about public finances pushed up sovereign yields in November and December, compelling Das to announce unconventional policies to keep costs in check, reported Bloomberg.

But in a positive development for the Indian economy, the Goods and Services Tax (GST) collection figures crossed Rs 1 lakh crore for the second consecutive month.

The total collection of GST revenue in December has come at Rs 1.03 lakh crore, which is almost nine per cent more in comparison to the amount collected in the same month a year ago.

CGST (Central GST) collection amounted to Rs 19, 962 crore while SGST (State GST) and IGST (Integrated GST were recorded at Rs 26,792 crore and 48,099 crore respectively. Meanwhile, cess for the month of December stood at Rs 8,331 crore.

Finance Ministry Tax
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!