{"id":7950,"date":"2023-12-29T06:28:16","date_gmt":"2023-12-29T06:28:16","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=7950"},"modified":"2023-12-29T06:28:16","modified_gmt":"2023-12-29T06:28:16","slug":"tax-collection-on-course-to-grow-3-times-to-over-rs-19-lac-cr-in-10-yrs-of-modi-govt","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/tax-collection-on-course-to-grow-3-times-to-over-rs-19-lac-cr-in-10-yrs-of-modi-govt\/","title":{"rendered":"Tax Collection On Course To Grow 3 Times To Over Rs 19 Lac Cr In 10 Yrs Of Modi Govt"},"content":{"rendered":"

New Delhi, Dec 29: Over\u00a0<\/span><\/span>the\u00a0<\/span>course\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Prime\u00a0<\/span>Minister\u00a0<\/span>Narendra\u00a0<\/span><\/a>Modi’s<\/a>\u00a0<\/span><\/span>administration,\u00a0<\/span><\/span>personal\u00a0<\/span>income\u00a0<\/span><\/span>and\u00a0<\/span><\/span>corporate\u00a0<\/span>tax\u00a0<\/span><\/span>collections\u00a0<\/span><\/span>are\u00a0<\/span>expected\u00a0<\/span>to\u00a0<\/span>surpass\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>19\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore,\u00a0<\/span><\/span>giving\u00a0<\/span><\/span>the\u00a0<\/span>government\u00a0<\/span><\/a><\/span>greater\u00a0<\/span>flexibility\u00a0<\/span><\/span>to\u00a0<\/span>implement\u00a0<\/span><\/span>tax\u00a0<\/span>policies\u00a0<\/span><\/span>that\u00a0<\/span>benefit\u00a0<\/span><\/span>the\u00a0<\/span>general\u00a0<\/span>public.<\/span><\/span><\/span> <\/span><\/span><\/span>Net\u00a0<\/span><\/span>direct\u00a0<\/span>tax\u00a0<\/span><\/span>collections,\u00a0<\/span><\/span>adjusted\u00a0<\/span><\/span>for\u00a0<\/span><\/span>refunds,\u00a0<\/span><\/span>rose\u00a0<\/span><\/span>from\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>6.38\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>in\u00a0<\/span><\/span>FY\u00a0<\/span><\/span>2013\u201314\u00a0<\/span><\/span>to\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>16.61\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>in\u00a0<\/span><\/span>FY\u00a0<\/span><\/span>2022\u201323,\u00a0<\/span><\/span>driven\u00a0<\/span>by\u00a0<\/span><\/span>individuals’\u00a0<\/span><\/span>rising\u00a0<\/span>incomes.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>net\u00a0<\/span><\/span>direct\u00a0<\/span>tax\u00a0<\/span><\/span>collections\u00a0<\/span><\/span>from\u00a0<\/span><\/span>personal\u00a0<\/span>income\u00a0<\/span><\/a>tax<\/a>\u00a0<\/span><\/span>and\u00a0<\/span><\/span>corporate\u00a0<\/span>tax\u00a0<\/span><\/span>have\u00a0<\/span>increased\u00a0<\/span><\/span>by\u00a0<\/span><\/span>20%\u00a0<\/span><\/span>so\u00a0<\/span>far\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>current\u00a0<\/span>fiscal\u00a0<\/span>year.\u00a0<\/span><\/span>If\u00a0<\/span><\/span>this\u00a0<\/span>growth\u00a0<\/span><\/span>continues,\u00a0<\/span><\/span>the\u00a0<\/span><\/span>mop-up\u00a0<\/span><\/span>is\u00a0<\/span>expected\u00a0<\/span><\/span>to\u00a0<\/span>reach\u00a0<\/span><\/span>approximately\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>19\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>fiscal\u00a0<\/span>year\u00a0<\/span><\/span>that\u00a0<\/span><\/span>ends\u00a0<\/span><\/span>on\u00a0<\/span><\/span>March\u00a0<\/span>31,\u00a0<\/span>2024.<\/span><\/span><\/span><\/span><\/span><\/span>The\u00a0<\/span><\/span>anticipated\u00a0<\/span><\/span>sum\u00a0<\/span><\/span>will\u00a0<\/span>be\u00a0<\/span><\/span>higher\u00a0<\/span><\/span>than\u00a0<\/span>the\u00a0<\/span><\/span>Budget\u00a0<\/span><\/span>for\u00a0<\/span><\/span>2023\u201324’s\u00a0<\/span><\/span>estimate\u00a0<\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>18.23\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>government\u00a0<\/span><\/span>has\u00a0<\/span>worked\u00a0<\/span><\/span>to\u00a0<\/span>simplify\u00a0<\/span><\/span>the\u00a0<\/span>tax\u00a0<\/span>code\u00a0<\/span><\/span>over\u00a0<\/span>time\u00a0<\/span><\/span>by\u00a0<\/span><\/span>lowering\u00a0<\/span><\/span>rates\u00a0<\/span><\/span>and\u00a0<\/span>reducing\u00a0<\/span><\/span>exemptions.<\/span><\/span><\/span> <\/span><\/span><\/span>Corporates\u00a0<\/span><\/span>that\u00a0<\/span><\/span>choose\u00a0<\/span><\/span>not\u00a0<\/span><\/span>to\u00a0<\/span>claim\u00a0<\/span><\/span>exemptions\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2019\u00a0<\/span><\/span>can\u00a0<\/span>opt\u00a0<\/span><\/span>for\u00a0<\/span><\/span>a\u00a0<\/span>reduced\u00a0<\/span>tax\u00a0<\/span>rate\u00a0<\/span><\/span>from\u00a0<\/span><\/span>the\u00a0<\/span>government.<\/span><\/span><\/span> <\/span><\/span><\/span>A\u00a0<\/span>similar\u00a0<\/span><\/span>programme\u00a0<\/span><\/span>was\u00a0<\/span>made\u00a0<\/span><\/span>available\u00a0<\/span>to\u00a0<\/span><\/span>private\u00a0<\/span>citizens\u00a0<\/span><\/span>in\u00a0<\/span><\/span>April\u00a0<\/span>2020.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>budget\u00a0<\/span><\/span>for\u00a0<\/span><\/span>2023\u201324\u00a0<\/span><\/span>increased\u00a0<\/span><\/span>the\u00a0<\/span>basic\u00a0<\/span>exemption\u00a0<\/span>limit\u00a0<\/span><\/span>to\u00a0<\/span><\/span>Rs.\u00a0<\/span>3\u00a0<\/span><\/span>lakh,\u00a0<\/span><\/span>rationalised\u00a0<\/span><\/span>the\u00a0<\/span>tax\u00a0<\/span><\/span>slabs,\u00a0<\/span><\/span>and\u00a0<\/span><\/span>included\u00a0<\/span><\/span>a\u00a0<\/span>standard\u00a0<\/span>deduction\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs.\u00a0<\/span>50,000\u00a0<\/span><\/span>to\u00a0<\/span>make\u00a0<\/span><\/span>the\u00a0<\/span>new\u00a0<\/span>income\u00a0<\/span><\/span>tax\u00a0<\/span>regime\u00a0<\/span><\/span>for\u00a0<\/span>individuals\u00a0<\/span><\/span>more\u00a0<\/span>alluring.<\/span><\/span><\/span> <\/span><\/span><\/span>Additionally,\u00a0<\/span><\/span>the\u00a0<\/span>income\u00a0<\/span><\/a><\/span>tax<\/a>\u00a0<\/span>return\u00a0<\/span><\/span>form\u00a0<\/span><\/span>now\u00a0<\/span>has\u00a0<\/span><\/span>it\u00a0<\/span><\/span>set\u00a0<\/span><\/span>as\u00a0<\/span><\/span>the\u00a0<\/span>default\u00a0<\/span><\/span>tax\u00a0<\/span><\/span>regime.<\/span><\/span><\/span><\/span><\/span><\/span>But\u00a0<\/span><\/span>there\u00a0<\/span>was\u00a0<\/span><\/span>a\u00a0<\/span>lot\u00a0<\/span><\/span>of\u00a0<\/span><\/span>opposition\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>government’s\u00a0<\/span><\/span>plan\u00a0<\/span><\/span>during\u00a0<\/span><\/span>the\u00a0<\/span>year\u00a0<\/span><\/span>to\u00a0<\/span>allow\u00a0<\/span><\/span>credit\u00a0<\/span>card\u00a0<\/span>purchases\u00a0<\/span><\/span>in\u00a0<\/span><\/span>foreign\u00a0<\/span>currency\u00a0<\/span><\/span>up\u00a0<\/span>to\u00a0<\/span><\/span>the\u00a0<\/span>USD\u00a0<\/span><\/span>2.50\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>annual\u00a0<\/span><\/span>limit\u00a0<\/span><\/span>under\u00a0<\/span>the\u00a0<\/span><\/span>RBI’s\u00a0<\/span><\/span>Liberalised\u00a0<\/span><\/span>Remittance\u00a0<\/span><\/span>Scheme\u00a0<\/span><\/span>(LRS)\u00a0<\/span><\/span>for\u00a0<\/span><\/span>each\u00a0<\/span>individual.<\/span><\/span><\/span> <\/span><\/span><\/span>Tax\u00a0<\/span><\/span>Collected\u00a0<\/span><\/span>at\u00a0<\/span><\/span>Source\u00a0<\/span>(TCS)\u00a0<\/span><\/span>would\u00a0<\/span>have\u00a0<\/span>needed\u00a0<\/span><\/span>to\u00a0<\/span>be\u00a0<\/span><\/span>withheld\u00a0<\/span><\/span>at\u00a0<\/span><\/span>the\u00a0<\/span>time\u00a0<\/span><\/span>of\u00a0<\/span><\/span>payment\u00a0<\/span><\/span>in\u00a0<\/span>order\u00a0<\/span><\/span>for\u00a0<\/span><\/span>foreign\u00a0<\/span>credit\u00a0<\/span><\/span>card\u00a0<\/span><\/span>spends\u00a0<\/span><\/span>to\u00a0<\/span>fall\u00a0<\/span><\/span>under\u00a0<\/span><\/span>LRS.<\/span><\/span><\/span> <\/span><\/span><\/span>Additionally,\u00a0<\/span>banks\u00a0<\/span><\/span>communicated\u00a0<\/span><\/span>that\u00a0<\/span>there\u00a0<\/span><\/span>would\u00a0<\/span>be\u00a0<\/span><\/span>problems\u00a0<\/span><\/span>with\u00a0<\/span><\/span>compliance\u00a0<\/span><\/span>when\u00a0<\/span><\/span>deducting\u00a0<\/span><\/span>the\u00a0<\/span><\/span>TCS,\u00a0<\/span><\/span>so\u00a0<\/span><\/span>the\u00a0<\/span>government\u00a0<\/span><\/span>was\u00a0<\/span>forced\u00a0<\/span>to\u00a0<\/span>postpone\u00a0<\/span><\/span>putting\u00a0<\/span><\/span>the\u00a0<\/span>plan\u00a0<\/span><\/span>into\u00a0<\/span><\/span>action.<\/span><\/span><\/span><\/span><\/span><\/span>Following\u00a0<\/span><\/span>the\u00a0<\/span>implementation\u00a0<\/span><\/span>of\u00a0<\/span>several\u00a0<\/span><\/span>reform\u00a0<\/span>measures\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>Income\u00a0<\/span>Tax\u00a0<\/span>Department,\u00a0<\/span><\/span>the\u00a0<\/span>number\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Individual\u00a0<\/span><\/span>Tax\u00a0<\/span>Returns\u00a0<\/span><\/span>(ITRs)\u00a0<\/span><\/span>filed\u00a0<\/span><\/span>by\u00a0<\/span><\/span>taxpayers\u00a0<\/span><\/span>increased\u00a0<\/span>from\u00a0<\/span><\/span>3.36\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2013\u201314\u00a0<\/span><\/span>to\u00a0<\/span><\/span>6.37\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2021\u201322,\u00a0<\/span><\/span>indicating\u00a0<\/span><\/span>a\u00a0<\/span>90%\u00a0<\/span>increase\u00a0<\/span><\/span>in\u00a0<\/span><\/span>overall\u00a0<\/span><\/span>tax\u00a0<\/span>base.<\/span><\/span><\/span> <\/span><\/span><\/span>Up\u00a0<\/span><\/span>until\u00a0<\/span><\/span>October\u00a0<\/span>26,\u00a0<\/span><\/span>2023,\u00a0<\/span><\/span>7.41\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>returns\u00a0<\/span><\/span>were\u00a0<\/span>filed\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2023\u20132024,\u00a0<\/span><\/span>53\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>of\u00a0<\/span><\/span>which\u00a0<\/span>were\u00a0<\/span><\/span>from\u00a0<\/span><\/span>first-time\u00a0<\/span><\/span>filers.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>government\u00a0<\/span><\/span>will\u00a0<\/span>hold\u00a0<\/span><\/span>a\u00a0<\/span>vote\u00a0<\/span><\/span>on\u00a0<\/span>account\u00a0<\/span><\/span>on\u00a0<\/span><\/span>February\u00a0<\/span>1\u00a0<\/span><\/span>in\u00a0<\/span><\/span>anticipation\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>April\u2013May\u00a0<\/span><\/span>general\u00a0<\/span>elections.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span><\/span>newly\u00a0<\/span>formed\u00a0<\/span><\/span>government\u00a0<\/span><\/span>following\u00a0<\/span><\/span>the\u00a0<\/span>elections\u00a0<\/span><\/span>is\u00a0<\/span>expected\u00a0<\/span><\/span>to\u00a0<\/span>present\u00a0<\/span><\/span>the\u00a0<\/span>entire\u00a0<\/span>budget\u00a0<\/span><\/span>in\u00a0<\/span><\/span>July\u00a0<\/span>2024.<\/span><\/span><\/span><\/span><\/span><\/span>The\u00a0<\/span>government\u00a0<\/span><\/span>headed\u00a0<\/span><\/span>by\u00a0<\/span><\/span>Prime\u00a0<\/span>Minister\u00a0<\/span>Narendra\u00a0<\/span>Modi\u00a0<\/span><\/span>took\u00a0<\/span><\/span>office\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2014.<\/span><\/span><\/span> <\/span><\/span><\/span>Higher\u00a0<\/span><\/span>tax\u00a0<\/span>compliance\u00a0<\/span><\/span>rates,\u00a0<\/span><\/span>according\u00a0<\/span>to\u00a0<\/span><\/span>Shardul\u00a0<\/span><\/span>Amarchand\u00a0<\/span><\/span>Mangaldas\u00a0<\/span><\/span>&\u00a0<\/span><\/span>Co\u00a0<\/span><\/span>Partner\u00a0<\/span><\/span>(Direct\u00a0<\/span><\/span>Tax)\u00a0<\/span><\/span>Gouri\u00a0<\/span><\/span>Puri,\u00a0<\/span><\/span>are\u00a0<\/span><\/span>a\u00a0<\/span>result\u00a0<\/span><\/span>of\u00a0<\/span><\/span>ongoing\u00a0<\/span>efforts\u00a0<\/span><\/span>to\u00a0<\/span>formalise\u00a0<\/span><\/span>the\u00a0<\/span>economy\u00a0<\/span><\/span>and\u00a0<\/span><\/span>digitise\u00a0<\/span><\/span>tax\u00a0<\/span>administrations.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>government\u00a0<\/span><\/span>should\u00a0<\/span>have\u00a0<\/span><\/span>some\u00a0<\/span>leeway\u00a0<\/span><\/span>to\u00a0<\/span>rationalise\u00a0<\/span><\/span>tax\u00a0<\/span>rates\u00a0<\/span><\/span>as\u00a0<\/span><\/span>a\u00a0<\/span>result.<\/span><\/span><\/span> <\/span><\/span><\/span>Ensuring\u00a0<\/span><\/span>ease\u00a0<\/span>of\u00a0<\/span><\/span>doing\u00a0<\/span>business\u00a0<\/span><\/span>in\u00a0<\/span>India\u00a0<\/span><\/span>will\u00a0<\/span>depend\u00a0<\/span><\/span>on\u00a0<\/span><\/span>the\u00a0<\/span>certainty\u00a0<\/span><\/span>surrounding\u00a0<\/span><\/span>the\u00a0<\/span>application\u00a0<\/span><\/span>of\u00a0<\/span><\/span>tax\u00a0<\/span>treaties.<\/span><\/span><\/span> <\/span><\/span><\/span>Puri\u00a0<\/span><\/span>continued,\u00a0<\/span><\/span>“The\u00a0<\/span>government\u00a0<\/span><\/span>is\u00a0<\/span>expected\u00a0<\/span><\/span>to\u00a0<\/span>keep\u00a0<\/span><\/span>streamlining\u00a0<\/span><\/span>direct\u00a0<\/span>tax\u00a0<\/span><\/span>laws\u00a0<\/span><\/span>in\u00a0<\/span>order\u00a0<\/span><\/span>to\u00a0<\/span>improve\u00a0<\/span><\/span>tax\u00a0<\/span>certainty\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2024.<\/span><\/span><\/span><\/span><\/span><\/span>The\u00a0<\/span>entire\u00a0<\/span><\/span>budget,\u00a0<\/span><\/span>according\u00a0<\/span>to\u00a0<\/span><\/span>Deloitte\u00a0<\/span><\/span>India\u00a0<\/span><\/span>Partner\u00a0<\/span><\/span>(Direct\u00a0<\/span><\/span>Tax)\u00a0<\/span><\/span>Rohinton\u00a0<\/span><\/span>Sidhwa,\u00a0<\/span><\/span>is\u00a0<\/span>probably\u00a0<\/span>going\u00a0<\/span>to\u00a0<\/span>be\u00a0<\/span><\/span>centred\u00a0<\/span><\/span>around\u00a0<\/span><\/span>continuing\u00a0<\/span>efforts\u00a0<\/span><\/span>to\u00a0<\/span>get\u00a0<\/span><\/span>ready\u00a0<\/span>for\u00a0<\/span><\/span>the\u00a0<\/span>World\u00a0<\/span>Bank\u00a0<\/span><\/span>B-READY\u00a0<\/span><\/span>ranking\u00a0<\/span><\/span>as\u00a0<\/span>well\u00a0<\/span>as\u00a0<\/span><\/span>efforts\u00a0<\/span><\/span>to\u00a0<\/span>leverage\u00a0<\/span><\/span>the\u00a0<\/span><\/span>China+1\u00a0<\/span><\/span>strategy\u00a0<\/span><\/span>to\u00a0<\/span>boost\u00a0<\/span><\/span>investment\u00a0<\/span>and\u00a0<\/span>innovation.<\/span><\/span><\/span> <\/span><\/span><\/span>With\u00a0<\/span><\/span>direct\u00a0<\/span>tax\u00a0<\/span><\/span>collections\u00a0<\/span><\/span>increasing\u00a0<\/span><\/span>by\u00a0<\/span><\/span>roughly\u00a0<\/span>20%\u00a0<\/span><\/span>thus\u00a0<\/span>far\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>current\u00a0<\/span>fiscal\u00a0<\/span>year\u00a0<\/span><\/span>(April\u2013March)\u00a0<\/span><\/span>and\u00a0<\/span><\/span>the\u00a0<\/span>GST\u00a0<\/span><\/span>mop-up\u00a0<\/span><\/span>reaching\u00a0<\/span><\/span>new\u00a0<\/span>heights\u00a0<\/span><\/span>each\u00a0<\/span>year,\u00a0<\/span><\/span>it\u00a0<\/span><\/span>is\u00a0<\/span>anticipated\u00a0<\/span><\/span>that\u00a0<\/span><\/span>the\u00a0<\/span>trend\u00a0<\/span><\/span>will\u00a0<\/span>continue\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2024\u00a0<\/span><\/span>due\u00a0<\/span>to\u00a0<\/span><\/span>the\u00a0<\/span>robust\u00a0<\/span><\/span>economic\u00a0<\/span>environment.<\/span><\/span><\/span> <\/span><\/span><\/span>In\u00a0<\/span><\/span>April\u00a0<\/span>2023,\u00a0<\/span><\/span>the\u00a0<\/span>monthly\u00a0<\/span><\/span>collection\u00a0<\/span>of\u00a0<\/span><\/span>Goods\u00a0<\/span>and\u00a0<\/span>Services\u00a0<\/span>Tax\u00a0<\/span>(GST)\u00a0<\/span><\/span>reached\u00a0<\/span><\/span>a\u00a0<\/span>peak\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>1.87\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore.<\/span><\/span><\/span> <\/span><\/span><\/span>At\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>1.66\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore,\u00a0<\/span><\/span>the\u00a0<\/span>average\u00a0<\/span><\/span>gross\u00a0<\/span><\/span>monthly\u00a0<\/span><\/span>GST\u00a0<\/span>collection\u00a0<\/span><\/span>for\u00a0<\/span><\/span>2023\u201324\u00a0<\/span><\/span>is\u00a0<\/span><\/span>11%\u00a0<\/span><\/span>higher\u00a0<\/span>than\u00a0<\/span><\/span>for\u00a0<\/span><\/span>the\u00a0<\/span>same\u00a0<\/span><\/span>period\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>previous\u00a0<\/span>fiscal\u00a0<\/span>year.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>clarification\u00a0<\/span><\/span>regarding\u00a0<\/span><\/span>the\u00a0<\/span>levy\u00a0<\/span><\/span>of\u00a0<\/span>a\u00a0<\/span><\/span>28\u00a0<\/span>percent\u00a0<\/span><\/span>tax\u00a0<\/span><\/span>on\u00a0<\/span><\/span>online\u00a0<\/span>gaming\u00a0<\/span><\/span>is\u00a0<\/span><\/span>the\u00a0<\/span>main\u00a0<\/span>takeaway\u00a0<\/span><\/span>from\u00a0<\/span><\/span>this\u00a0<\/span>year’s\u00a0<\/span><\/span>GST\u00a0<\/span>Council\u00a0<\/span><\/span>meetings,\u00a0<\/span><\/span>which\u00a0<\/span><\/span>are\u00a0<\/span>attended\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>finance\u00a0<\/span>ministers\u00a0<\/span><\/span>of\u00a0<\/span><\/span>the\u00a0<\/span>states\u00a0<\/span><\/span>and\u00a0<\/span><\/span>the\u00a0<\/span>federal\u00a0<\/span>government.<\/span><\/span><\/span> <\/span><\/span><\/span>After\u00a0<\/span><\/span>two\u00a0<\/span>meetings,\u00a0<\/span><\/span>the\u00a0<\/span>council\u00a0<\/span><\/span>decided\u00a0<\/span><\/span>to\u00a0<\/span>make\u00a0<\/span><\/span>it\u00a0<\/span><\/span>clear\u00a0<\/span>that\u00a0<\/span><\/span>a\u00a0<\/span><\/span>28%\u00a0<\/span><\/span>tax\u00a0<\/span><\/span>would\u00a0<\/span>be\u00a0<\/span><\/span>applied\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>entire\u00a0<\/span>amount\u00a0<\/span><\/span>paid\u00a0<\/span><\/span>at\u00a0<\/span><\/span>the\u00a0<\/span>time\u00a0<\/span><\/span>of\u00a0<\/span><\/span>entry\u00a0<\/span>into\u00a0<\/span><\/span>the\u00a0<\/span>online\u00a0<\/span>gaming\u00a0<\/span><\/span>platform.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>council\u00a0<\/span><\/span>also\u00a0<\/span><\/span>decided\u00a0<\/span><\/span>to\u00a0<\/span>mandate\u00a0<\/span><\/span>GST\u00a0<\/span><\/span>authorities’\u00a0<\/span><\/span>registration\u00a0<\/span><\/span>for\u00a0<\/span>all\u00a0<\/span><\/span>foreign\u00a0<\/span><\/span>online\u00a0<\/span>gaming\u00a0<\/span><\/span>companies.<\/span><\/span><\/span><\/span><\/span><\/span>In\u00a0<\/span><\/span>response\u00a0<\/span>to\u00a0<\/span><\/span>allegations\u00a0<\/span><\/span>that\u00a0<\/span><\/span>online\u00a0<\/span>gaming\u00a0<\/span><\/span>companies\u00a0<\/span><\/span>evaded\u00a0<\/span><\/span>taxes\u00a0<\/span><\/span>totaling\u00a0<\/span><\/span>more\u00a0<\/span>than\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>1.12\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2022\u20132023\u00a0<\/span><\/span>and\u00a0<\/span><\/span>2023\u20132024,\u00a0<\/span><\/span>the\u00a0<\/span>GST\u00a0<\/span><\/span>authorities\u00a0<\/span><\/span>have\u00a0<\/span>sent\u00a0<\/span><\/span>71\u00a0<\/span><\/span>show\u00a0<\/span>cause\u00a0<\/span>notices\u00a0<\/span><\/span>to\u00a0<\/span>these\u00a0<\/span><\/span>companies.<\/span><\/span><\/span> <\/span><\/span><\/span>Numerous\u00a0<\/span>businesses\u00a0<\/span><\/span>have\u00a0<\/span>petitioned\u00a0<\/span><\/span>higher\u00a0<\/span>courts\u00a0<\/span><\/span>to\u00a0<\/span>get\u00a0<\/span><\/span>the\u00a0<\/span>demand\u00a0<\/span><\/span>halted.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>application\u00a0<\/span><\/span>of\u00a0<\/span><\/span>the\u00a0<\/span>highest\u00a0<\/span><\/span>tax\u00a0<\/span>rate,\u00a0<\/span><\/span>according\u00a0<\/span>to\u00a0<\/span><\/span>INDUSLAW\u00a0<\/span><\/span>Partner\u00a0<\/span><\/span>(Indirect\u00a0<\/span><\/span>Tax)\u00a0<\/span><\/span>Shashi\u00a0<\/span><\/span>Mathews,\u00a0<\/span><\/span>has\u00a0<\/span>stopped\u00a0<\/span><\/span>the\u00a0<\/span>online\u00a0<\/span>gaming\u00a0<\/span><\/span>industry’s\u00a0<\/span><\/span>“meteoric\u00a0<\/span><\/span>rise.”<\/span><\/span><\/span> <\/span><\/span><\/span>One\u00a0<\/span><\/span>could\u00a0<\/span>anticipate\u00a0<\/span><\/span>that\u00a0<\/span><\/span>the\u00a0<\/span>government\u00a0<\/span><\/span>will\u00a0<\/span>revisit\u00a0<\/span><\/span>a\u00a0<\/span>few\u00a0<\/span><\/span>of\u00a0<\/span><\/span>these\u00a0<\/span>issues.<\/span><\/span><\/span> <\/span><\/span><\/span>There\u00a0<\/span><\/span>may\u00a0<\/span>be\u00a0<\/span><\/span>some\u00a0<\/span>relief\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>form\u00a0<\/span><\/span>of\u00a0<\/span><\/span>court\u00a0<\/span>rulings\u00a0<\/span><\/span>because\u00a0<\/span><\/span>some\u00a0<\/span>of\u00a0<\/span><\/span>these\u00a0<\/span>issues\u00a0<\/span><\/span>have\u00a0<\/span>also\u00a0<\/span>been\u00a0<\/span><\/span>pending\u00a0<\/span><\/span>before\u00a0<\/span><\/span>the\u00a0<\/span>courts.<\/span><\/span><\/span> <\/span><\/span><\/span><\/p>\n

\"Tax
Tax Collection On Course To Grow 3 Times To Over Rs 19 Lac Cr In 10 Yrs Of Modi Govt<\/figcaption><\/figure>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

New Delhi, Dec 29: Over\u00a0the\u00a0course\u00a0of\u00a0Prime\u00a0Minister\u00a0Narendra\u00a0Modi’s\u00a0administration,\u00a0personal\u00a0income\u00a0and\u00a0corporate\u00a0tax\u00a0collections\u00a0are\u00a0expected\u00a0to\u00a0surpass\u00a0Rs\u00a019\u00a0lakh\u00a0crore,\u00a0giving\u00a0the\u00a0government\u00a0greater\u00a0flexibility\u00a0to\u00a0implement\u00a0tax\u00a0policies\u00a0that\u00a0benefit\u00a0the\u00a0general\u00a0public. Net\u00a0direct\u00a0tax\u00a0collections,\u00a0adjusted\u00a0for\u00a0refunds,\u00a0rose\u00a0from\u00a0Rs\u00a06.38\u00a0lakh\u00a0crore\u00a0in\u00a0FY\u00a02013\u201314\u00a0to\u00a0Rs\u00a016.61\u00a0lakh\u00a0crore\u00a0in\u00a0FY\u00a02022\u201323,\u00a0driven\u00a0by\u00a0individuals’\u00a0rising\u00a0incomes. The\u00a0net\u00a0direct\u00a0tax\u00a0collections\u00a0from\u00a0personal\u00a0income\u00a0tax\u00a0and\u00a0corporate\u00a0tax\u00a0have\u00a0increased\u00a0by\u00a020%\u00a0so\u00a0far\u00a0in\u00a0the\u00a0current\u00a0fiscal\u00a0year.\u00a0If\u00a0this\u00a0growth\u00a0continues,\u00a0the\u00a0mop-up\u00a0is\u00a0expected\u00a0to\u00a0reach\u00a0approximately\u00a0Rs\u00a019\u00a0lakh\u00a0crore\u00a0in\u00a0the\u00a0fiscal\u00a0year\u00a0that\u00a0ends\u00a0on\u00a0March\u00a031,\u00a02024.The\u00a0anticipated\u00a0sum\u00a0will\u00a0be\u00a0higher\u00a0than\u00a0the\u00a0Budget\u00a0for\u00a02023\u201324’s\u00a0estimate\u00a0of\u00a0Rs\u00a018.23\u00a0lakh\u00a0crore. The\u00a0government\u00a0has\u00a0worked\u00a0to\u00a0simplify\u00a0the\u00a0tax\u00a0code\u00a0over\u00a0time\u00a0by\u00a0lowering\u00a0rates\u00a0and\u00a0reducing\u00a0exemptions. Corporates\u00a0that\u00a0choose\u00a0not\u00a0to\u00a0claim\u00a0exemptions\u00a0in\u00a02019\u00a0can\u00a0opt\u00a0for\u00a0a\u00a0reduced\u00a0tax\u00a0rate\u00a0from\u00a0the\u00a0government. A\u00a0similar\u00a0programme\u00a0was\u00a0made\u00a0available\u00a0to\u00a0private\u00a0citizens\u00a0in\u00a0April\u00a02020. The\u00a0budget\u00a0for\u00a02023\u201324\u00a0increased\u00a0the\u00a0basic\u00a0exemption\u00a0limit\u00a0to\u00a0Rs.\u00a03\u00a0lakh,\u00a0rationalised\u00a0the\u00a0tax\u00a0slabs,\u00a0and\u00a0included\u00a0a\u00a0standard\u00a0deduction\u00a0of\u00a0Rs.\u00a050,000\u00a0to\u00a0make\u00a0the\u00a0new\u00a0income\u00a0tax\u00a0regime\u00a0for\u00a0individuals\u00a0more\u00a0alluring. Additionally,\u00a0the\u00a0income\u00a0tax\u00a0return\u00a0form\u00a0now\u00a0has\u00a0it\u00a0set\u00a0as\u00a0the\u00a0default\u00a0tax\u00a0regime.But\u00a0there\u00a0was\u00a0a\u00a0lot\u00a0of\u00a0opposition\u00a0to\u00a0the\u00a0government’s\u00a0plan\u00a0during\u00a0the\u00a0year\u00a0to\u00a0allow\u00a0credit\u00a0card\u00a0purchases\u00a0in\u00a0foreign\u00a0currency\u00a0up\u00a0to\u00a0the\u00a0USD\u00a02.50\u00a0lakh\u00a0annual\u00a0limit\u00a0under\u00a0the\u00a0RBI’s\u00a0Liberalised\u00a0Remittance\u00a0Scheme\u00a0(LRS)\u00a0for\u00a0each\u00a0individual. Tax\u00a0Collected\u00a0at\u00a0Source\u00a0(TCS)\u00a0would\u00a0have\u00a0needed\u00a0to\u00a0be\u00a0withheld\u00a0at\u00a0the\u00a0time\u00a0of\u00a0payment\u00a0in\u00a0order\u00a0for\u00a0foreign\u00a0credit\u00a0card\u00a0spends\u00a0to\u00a0fall\u00a0under\u00a0LRS. Additionally,\u00a0banks\u00a0communicated\u00a0that\u00a0there\u00a0would\u00a0be\u00a0problems\u00a0with\u00a0compliance\u00a0when\u00a0deducting\u00a0the\u00a0TCS,\u00a0so\u00a0the\u00a0government\u00a0was\u00a0forced\u00a0to\u00a0postpone\u00a0putting\u00a0the\u00a0plan\u00a0into\u00a0action.Following\u00a0the\u00a0implementation\u00a0of\u00a0several\u00a0reform\u00a0measures\u00a0by\u00a0the\u00a0Income\u00a0Tax\u00a0Department,\u00a0the\u00a0number\u00a0of\u00a0Individual\u00a0Tax\u00a0Returns\u00a0(ITRs)\u00a0filed\u00a0by\u00a0taxpayers\u00a0increased\u00a0from\u00a03.36\u00a0crore\u00a0in\u00a02013\u201314\u00a0to\u00a06.37\u00a0crore\u00a0in\u00a02021\u201322,\u00a0indicating\u00a0a\u00a090%\u00a0increase\u00a0in\u00a0overall\u00a0tax\u00a0base. Up\u00a0until\u00a0October\u00a026,\u00a02023,\u00a07.41\u00a0crore\u00a0returns\u00a0were\u00a0filed\u00a0in\u00a02023\u20132024,\u00a053\u00a0lakh\u00a0of\u00a0which\u00a0were\u00a0from\u00a0first-time\u00a0filers. The\u00a0government\u00a0will\u00a0hold\u00a0a\u00a0vote\u00a0on\u00a0account\u00a0on\u00a0February\u00a01\u00a0in\u00a0anticipation\u00a0of\u00a0the\u00a0April\u2013May\u00a0general\u00a0elections. The\u00a0newly\u00a0formed\u00a0government\u00a0following\u00a0the\u00a0elections\u00a0is\u00a0expected\u00a0to\u00a0present\u00a0the\u00a0entire\u00a0budget\u00a0in\u00a0July\u00a02024.The\u00a0government\u00a0headed\u00a0by\u00a0Prime\u00a0Minister\u00a0Narendra\u00a0Modi\u00a0took\u00a0office\u00a0in\u00a02014. Higher\u00a0tax\u00a0compliance\u00a0rates,\u00a0according\u00a0to\u00a0Shardul\u00a0Amarchand\u00a0Mangaldas\u00a0&\u00a0Co\u00a0Partner\u00a0(Direct\u00a0Tax)\u00a0Gouri\u00a0Puri,\u00a0are\u00a0a\u00a0result\u00a0of\u00a0ongoing\u00a0efforts\u00a0to\u00a0formalise\u00a0the\u00a0economy\u00a0and\u00a0digitise\u00a0tax\u00a0administrations. The\u00a0government\u00a0should\u00a0have\u00a0some\u00a0leeway\u00a0to\u00a0rationalise\u00a0tax\u00a0rates\u00a0as\u00a0a\u00a0result. Ensuring\u00a0ease\u00a0of\u00a0doing\u00a0business\u00a0in\u00a0India\u00a0will\u00a0depend\u00a0on\u00a0the\u00a0certainty\u00a0surrounding\u00a0the\u00a0application\u00a0of\u00a0tax\u00a0treaties. Puri\u00a0continued,\u00a0“The\u00a0government\u00a0is\u00a0expected\u00a0to\u00a0keep\u00a0streamlining\u00a0direct\u00a0tax\u00a0laws\u00a0in\u00a0order\u00a0to\u00a0improve\u00a0tax\u00a0certainty\u00a0in\u00a02024.The\u00a0entire\u00a0budget,\u00a0according\u00a0to\u00a0Deloitte\u00a0India\u00a0Partner\u00a0(Direct\u00a0Tax)\u00a0Rohinton\u00a0Sidhwa,\u00a0is\u00a0probably\u00a0going\u00a0to\u00a0be\u00a0centred\u00a0around\u00a0continuing\u00a0efforts\u00a0to\u00a0get\u00a0ready\u00a0for\u00a0the\u00a0World\u00a0Bank\u00a0B-READY\u00a0ranking\u00a0as\u00a0well\u00a0as\u00a0efforts\u00a0to\u00a0leverage\u00a0the\u00a0China+1\u00a0strategy\u00a0to\u00a0boost\u00a0investment\u00a0and\u00a0innovation. With\u00a0direct\u00a0tax\u00a0collections\u00a0increasing\u00a0by\u00a0roughly\u00a020%\u00a0thus\u00a0far\u00a0in\u00a0the\u00a0current\u00a0fiscal\u00a0year\u00a0(April\u2013March)\u00a0and\u00a0the\u00a0GST\u00a0mop-up\u00a0reaching\u00a0new\u00a0heights\u00a0each\u00a0year,\u00a0it\u00a0is\u00a0anticipated\u00a0that\u00a0the\u00a0trend\u00a0will\u00a0continue\u00a0in\u00a02024\u00a0due\u00a0to\u00a0the\u00a0robust\u00a0economic\u00a0environment. In\u00a0April\u00a02023,\u00a0the\u00a0monthly\u00a0collection\u00a0of\u00a0Goods\u00a0and\u00a0Services\u00a0Tax\u00a0(GST)\u00a0reached\u00a0a\u00a0peak\u00a0of\u00a0Rs\u00a01.87\u00a0lakh\u00a0crore. At\u00a0Rs\u00a01.66\u00a0lakh\u00a0crore,\u00a0the\u00a0average\u00a0gross\u00a0monthly\u00a0GST\u00a0collection\u00a0for\u00a02023\u201324\u00a0is\u00a011%\u00a0higher\u00a0than\u00a0for\u00a0the\u00a0same\u00a0period\u00a0in\u00a0the\u00a0previous\u00a0fiscal\u00a0year. The\u00a0clarification\u00a0regarding\u00a0the\u00a0levy\u00a0of\u00a0a\u00a028\u00a0percent\u00a0tax\u00a0on\u00a0online\u00a0gaming\u00a0is\u00a0the\u00a0main\u00a0takeaway\u00a0from\u00a0this\u00a0year’s\u00a0GST\u00a0Council\u00a0meetings,\u00a0which\u00a0are\u00a0attended\u00a0by\u00a0the\u00a0finance\u00a0ministers\u00a0of\u00a0the\u00a0states\u00a0and\u00a0the\u00a0federal\u00a0government. After\u00a0two\u00a0meetings,\u00a0the\u00a0council\u00a0decided\u00a0to\u00a0make\u00a0it\u00a0clear\u00a0that\u00a0a\u00a028%\u00a0tax\u00a0would\u00a0be\u00a0applied\u00a0to\u00a0the\u00a0entire\u00a0amount\u00a0paid\u00a0at\u00a0the\u00a0time\u00a0of\u00a0entry\u00a0into\u00a0the\u00a0online\u00a0gaming\u00a0platform. The\u00a0council\u00a0also\u00a0decided\u00a0to\u00a0mandate\u00a0GST\u00a0authorities’\u00a0registration\u00a0for\u00a0all\u00a0foreign\u00a0online\u00a0gaming\u00a0companies.In\u00a0response\u00a0to\u00a0allegations\u00a0that\u00a0online\u00a0gaming\u00a0companies\u00a0evaded\u00a0taxes\u00a0totaling\u00a0more\u00a0than\u00a0Rs\u00a01.12\u00a0lakh\u00a0crore\u00a0in\u00a02022\u20132023\u00a0and\u00a02023\u20132024,\u00a0the\u00a0GST\u00a0authorities\u00a0have\u00a0sent\u00a071\u00a0show\u00a0cause\u00a0notices\u00a0to\u00a0these\u00a0companies. Numerous\u00a0businesses\u00a0have\u00a0petitioned\u00a0higher\u00a0courts\u00a0to\u00a0get\u00a0the\u00a0demand\u00a0halted. The\u00a0application\u00a0of\u00a0the\u00a0highest\u00a0tax\u00a0rate,\u00a0according\u00a0to\u00a0INDUSLAW\u00a0Partner\u00a0(Indirect\u00a0Tax)\u00a0Shashi\u00a0Mathews,\u00a0has\u00a0stopped\u00a0the\u00a0online\u00a0gaming\u00a0industry’s\u00a0“meteoric\u00a0rise.” One\u00a0could\u00a0anticipate\u00a0that\u00a0the\u00a0government\u00a0will\u00a0revisit\u00a0a\u00a0few\u00a0of\u00a0these\u00a0issues. 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