Skip to main content

Direct tax collections in Mumbai, Delhi in single digit

By
Direct tax collections by both Mumbai and Delhi zones of the Income Tax department were in single digit until December 24, a department official said. It is inspite of the fact that the net revenue collections were in double digit during the period not only at the national level, but also at zonal level.
The Mumbai zone, which is responsible for collection of more than one-third of total tax being collected from across the country, garnered revenue amounting to Rs 1.74 trillion during the reporting period from Rs 1.59 trillion a year ago, thus showing a growth of 9 per cent, an official told PTI here today.
However, the growth was in double digit in all the other parts of the country during the period. Even small places like Pune and Thane have also shown a double-digit growth in direct tax collections during the period. The department collected Rs 5.54 trillion during the reported period from across the country from Rs 4.88 trillion a year ago, thus registering an average growth of 13.5 per cent.
New Delhi alone has collected a total tax amounting to Rs 74,147 crore during the reporting period, from Rs 72,210 crore a year ago, registering growth of 2.7 per cent. Bengaluru zone witnessed a growth by 22 per cent by netting revenue amounting to Rs 62,418 crore from Rs 51,128 crore a year ago.
On a similar front, Chennai and Kolkata zones have also registered double digit growth in revenue collections during the reporting period. While net revenue collection at Rs 25,171 crore was up by 14.5 per cent from Kolkata zone from Rs 21,976 crore a year ago, Chennai zone’s revenue collection went up by 20 per cent at Rs 42,316 crore from Rs 35,254 crore a year ago.
Smaller places like Thane and Pune have also fared well on the front. While Pune region registered a growth of 19 per cent at Rs 28,574 crore during the reporting period from Rs 23,973 crore a year ago, Thane region’s revenue collection at Rs 3,982 crore was also up by 27.5 per cent from Rs 3,123 crore a year ago.
Mint December 2016

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more