Excise duty collection during April-November 2020, was at Rs 1,96,342 crore, up from Rs 1,32,899 crore mop-up during the same period in 2019, according to data from the Controller General of Accounts (CGA)

The court stated that CBDT can take a lenient approach in terms of consequences of late filing of tax audit reports; \"We leave it to the better discretion of the CBDT,\" it said

The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020

The revenue department has already started sharing such information among its wings - direct tax, indirect tax and customs departments

Even if the government manages to collect the same tax amount in the last four months of FY21 as it did last fiscal, the total tax collection would be around Rs 18.6 lakh crore, almost 6 lakh crore lower than the budgeted estimate

The gross tax collection for the quarter stood at Rs 7,33,715 crore, while the total mop-up stood at Rs 5,87,605, the CBDT source told PTI on Thursday

Top-down reforms since the demonetisation of 2016 have already derailed the economy and brought misery to millions, yet the great zeal to do more of the same amidst protests from several segments of population demonstrate that the intent is far from public welfare

Based on cumulative inflows between April 2000 and September 2020, it is the 10th largest contributor with a 2 per cent share in total FDI flows

While government claims on tax compliance and GST collections paint a healthier picture of the economy, tax-to-GDP has fallen for two consecutive years and tax collections across the board in the first half of FY21 are nowhere close to FY20, indicating that trouble is far from over

In the April-September 2020 period, the government's gross tax collection has fallen by 27.5% to Rs 7.2 lakh crore compared to Rs 9.2 lakh crore a year ago

Given the festivities and continued push in demand, the collections in November could also be robust. The question, however, remains as to whether this upsurge would continue in December and beyond

Finance Secretary Ajay Bhushan Pandey said the generation of e-way bills has gone up 21 per cent in October, while the number of e-invoice generation has touched 29 lakh IRNs a day

India Stock Market Highlights Today: Global equities were negative today as worries about a surge in coronavirus cases and dwindling hopes for a U.S. stimulus package kept investors gloomy

India Stock Market Highlights Today: Global equities were mostly negative today as surging coronavirus cases and lack of clarity on the US stimulus package kept sentiments bearish

India Stock Market Highlights Today: Tata Steel, followed by Maruti, ICICI Bank, Bharti Airtel, Bajaj Finance, HDFC twins and TCS were among the top gainers on Sensex pack today. On the other hand, Infosys, HCL Tech, HUL and Asian Paints were the laggards

Finance Ministry said that the government is open to all possibilities to minimise COVID-19's impact and the Finance Minister is not averse to taking any further measures to ease people's suffering

Corporate India has seen a substantial decline in tax litigations of late, helping government unlock revenues. Once annual compliances are streamlined and new law settles in, there could be a flurry of proceedings, which would lead to an increase in disputes

The fall in corporate tax collections could be because of both the fall in corporate profits due to COVID-19 lockdown as well as reduction in corporate tax rates announced in September 2019

While the clarifications were much awaited, some of them may require immediate changes to business processes and the assessees have only one day before the provisions come into effect

Government told Lok Sabha that it has taken several steps for timely detection of tax evasion, including searches and seizures, surveys, enquiries, assessment of income, levy of taxes, penalties, and filing of prosecution complaints in criminal courts