Government to adhere to FY16 fiscal deficit target: StanChart

Last Updated: Tuesday, September 8, 2015, 13:51

Sluggish direct tax collection, likely shortfall in disinvestment proceeds and OROP scheme pay out will add to the government's fiscal burden but it will "adhere to" fiscal deficit target by reducing expenditure, says a Standard Chartered report.

EU loses 168 billion euros in sales tax fraud, errors

Last Updated: Friday, September 4, 2015, 22:40

EU countries lost 168 billion euros (USD 187 billion) in sales-tax revenue in 2013 mostly due to fraud and errors, the European Commission said on Thursday.

Revenue from taxes on diesel, petrol at Rs 75,441 cr in FY15

Last Updated: Friday, July 31, 2015, 17:50

Government's revenue collection from taxes on petrol and diesel rose to Rs 75,441 crore in 2014-15, a rise of over 60 percent from 2012-13, Parliament was informed on Friday.

Indirect tax collections pace up, grow 37.5% in April-June

Last Updated: Saturday, July 11, 2015, 10:58

IIP data showed that the growth in factory output in the first two months of the fiscal was 3 percent as against 4.6 percent in April-May of 2014-15.

Life insurance premiums jump 24% in April-May

Last Updated: Friday, July 10, 2015, 20:19

LIC made a smart recovery with a 21 per cent growth in total premium mop-up at Rs 9,384 crore in the said period. The Corporation's business stood at Rs 7,757 crore in the year-ago period.

I-T Dept eyes Rs 2.56 lakh crore tax mop up from Mumbai in FY16

Last Updated: Thursday, July 9, 2015, 19:04

The Income Tax department is looking at collecting tax worth Rs 2,56,000 crore from the Mumbai zone during this fiscal, which is 13 percent more than the amount mopped up last year.

38% increase in tax collection in last 3 months: Kejriwal

Last Updated: Tuesday, June 16, 2015, 22:56

Delhi Chief Minister Arvind Kejriwal on Tuesday said his government has seen a 38 percent increase in tax collection in the last three months, claiming that the earnings were even more than the Rs 1,700 crore subsidy for electricity and water.

LIC improves its performance, still loses market share in Apr

Last Updated: Sunday, June 14, 2015, 13:34

Overall, FY15 was not a productive year for the entire industry as total premium income plummeted by 6 percent to Rs 1,13,140 crore in FY15 from Rs 1,20,162 crore in FY14.

Government asks top taxmen to ideate for widening tax base

Last Updated: Sunday, June 14, 2015, 13:08

The unique move comes in the backdrop of the government recently asking the I-T department to take urgent steps to widen the tax base and add at least 25 lakh new assesses every month during the current financial year 2015-16.

Indirect tax collection up 39.2%; excise reflects manufacturing uptick

Last Updated: Wednesday, June 10, 2015, 21:32

Indirect tax collection has jumped 39.2 percent in April-May, with excise showing a smart rise reflecting pick up in manufacturing, Finance Minister Arun Jaitley said Wednesday.

Govt will have to forget direct tax of Rs 6.73 lakh crore

Last Updated: Monday, June 8, 2015, 13:31

A paper presented during the recently held All India Conference of Chief Income Tax Commissioners stated that the department might recover 19% of Rs 8 lakh crore. But there's a rider: even this is going to be a 'tough task'.

Service Tax: Penalty norms encouraging voluntary compliance

Last Updated: Wednesday, June 3, 2015, 18:29

In case of voluntary payments along with interest, reduced penalty have been provided depending upon the stage of litigation i.e. Prior to issuance of show cause notice, after issuance of show cause notice but before adjudication or after adjudication.