tax collection – TheNewsHub https://thenewshub.in Fri, 11 Oct 2024 15:15:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.7 India's Net Direct Tax Collections Up By 18.35% To Almost Rs 11.26 Lakh Crore In April-Oct https://thenewshub.in/2024/10/11/indias-net-direct-tax-collections-up-by-18-35-to-almost-rs-11-26-lakh-crore-in-april-oct/ https://thenewshub.in/2024/10/11/indias-net-direct-tax-collections-up-by-18-35-to-almost-rs-11-26-lakh-crore-in-april-oct/?noamp=mobile#respond Fri, 11 Oct 2024 15:15:00 +0000 https://thenewshub.in/2024/10/11/indias-net-direct-tax-collections-up-by-18-35-to-almost-rs-11-26-lakh-crore-in-april-oct/

New Delhi: India’s net direct tax collection for the financial year 2024-25 has seen a significant surge, with an increase of 18.35  per cent to almost Rs 11.26 lakh crore year on year, as of 10 October, the data from the Central Board of Direct Taxes (CBDT) shows.

The gross collection of direct tax grew 22.30 per cent to Rs 13.57 lakh crore year on year, as of 10 October, the data shows. The refund amounting to Rs 2.31 lakh crore released during the period. The refund amount saw a growth of 46 per cent.

The data indicates that the key contributor in the collections is a major uptick in the Securities Transaction Tax (STT), which almost doubled to Rs 30,630 crore from Rs 16,373 crore in 2023 during this period.

The collections STT indicates the increased investor exposure in the equity markets. Securities Transaction Tax is a tax payable in India on the value of securities transacted through a recognized stock exchange.

Going further, the data indicates that tax collections from the corporate tax also increased significantly reaching at 6.11 crore, in the FY 2024-25 compared to last years’ Rs 5.11 crore. As per the data, gross personal income tax collections rose to Rs 7.13 lakh crore from Rs 5.79 lakh crore, while the net collection stood at  5.98 lakh crores.

As per the figures released in September, the direct tax net collection for the financial year 2024-25 has seen a significant surge, with an increase of 21.48 per cent. Direct tax, a type of tax imposed directly on individuals and entities based on their income or wealth, includes categories such as corporate tax, income tax, and securities tax. Overall, the direct tax collections for FY 2024-25 showed a positive growth trajectory across various tax categories. 

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State Bank of Pakistan slashes policy rate by 200 BPS https://thenewshub.in/2024/09/12/state-bank-of-pakistan-slashes-policy-rate-by-200-bps/ https://thenewshub.in/2024/09/12/state-bank-of-pakistan-slashes-policy-rate-by-200-bps/?noamp=mobile#respond Thu, 12 Sep 2024 06:16:52 +0000 https://thenewshub.in/2024/09/12/state-bank-of-pakistan-slashes-policy-rate-by-200-bps/

The State Bank of Pakistan (SBP) reduced its policy rate by 200 basis points to 17.5% on Thursday, as headline and core inflation saw a sharper-than-expected decline over the last two months.

The rate cut will be effective from September 13, 2024.

The Monetary Policy Committee (MPC) of the SBP attributed this decision to falling global oil and food prices and a delay in the anticipated increase in administered energy prices.

The central bank, however, warned of potential risks tied to global economic volatility and domestic energy adjustments, urging a cautious approach to future monetary policies.

Inflation fell to 9.6% year-on-year in August, down from 12.6% in June.

Core inflation also dropped to 11.9%, reflecting improved supplies of food commodities and a reduction in domestic demand.

The MPC expects inflation to continue its downward trend but noted that risks remain, particularly related to the timing and scale of adjustments in energy tariffs and the course of global commodity prices.

The SBP’s foreign exchange reserves stood at $9.5 billion as of September 6, despite weak inflows and continued debt repayments.

Remittance inflows and a rebound in exports helped keep the current account deficit contained at $0.2 billion in July 2024.

While the industrial and services sectors are expected to benefit from this policy easing, the agriculture sector faces challenges due to an expected shortfall in cotton production.

Nonetheless, the SBP maintains its projection for GDP growth between 2.5% and 3.5% for FY25.

The central bank also reported that tax collection in July and August 2024 fell short of the Federal Board of Revenue’s (FBR) target, adding pressure on fiscal policy measures to meet revenue goals for the remainder of the year.

This will be critical for maintaining macroeconomic stability, the SBP noted.

The MPC reiterated that its cautious stance on monetary policy remains necessary to control inflation while supporting sustainable economic growth over the medium term.

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