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Sanjay Malhotra takes over as Revenue Secretary Senior IAS officer Sanjay Malhotra on Thursday took charge as Secretary in the Department of Revenue of the Finance Ministry. Prior to this assignment, Malhotra was Secretary in the Department of Financial Services. He is a 1990-batch IAS officer of THE Rajasthan cadre and is an IIT-Kanpur alumnus. Malhotra has a Masters degree in public policy from the Princeton University. He has also been additional secretary in the Power Ministry. Malhotra took over as Revenue Secretary aft...
Sanjay Malhotra takes over as Revenue Secretary
Sanjay Malhotra takes over as Revenue Secretary
Source: IANS
1/12/2022 3:12:02 PM
India`s tax collection to exceed budget estimate by nearly Rs 4 lakh crore in FY23: Revenue Secretary Revenue Secretary Tarun Bajaj has expressed optimism over India’s tax collection and said that it will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal (FY23) on the back of buoyant income tax, customs duty and GST mop-up. He said the growth in tax revenues will continue to be higher than the GDP growth, helped by formalisation of the economy and better compliance. For this financial year ending March 2023 (FY23), the tax collection target set in the Union Budg...
India`s tax collection to exceed budget estimate by nearly Rs 4 lakh crore in FY23: Revenue Secretary
India`s tax collection to exceed budget estimate by nearly Rs 4 lakh crore in FY23: Revenue Secretary
Source: Accord Fintech
24/11/2022 10:33:18 AM
Tax collections to cross budget estimates in current fiscal, says government Domestic tax collections will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal owing to higher income tax, customs duty, and GST collections, the government said on Wednesday. Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance. Tax collection target for the current fiscal is pegged at Rs 27.50 lakh crore. Bajaj also that the direct tax collections consi...
Tax collections to cross budget estimates in current fiscal, says government
Tax collections to cross budget estimates in current fiscal, says government
Source: IANS
24/11/2022 10:16:00 AM
FSDC underlines need to monitor financial sector risks, discusses early warning signals for economy  The Financial Stability and Development Council (FSDC) on Thursday noted that there is a need to monitor financial sector risks, fiscal conditions, and market developments on a continuous basis by the government and the regulators, so that appropriate action can be taken to mitigate any vulnerability and strengthen financial stability. The FSDC meeting in Mumbai, chaired by Finance Minister Nirmala Sitharaman, also discussed early warning indicators for the economy and the government...
FSDC underlines need to monitor financial sector risks, discusses early warning signals for economy
FSDC underlines need to monitor financial sector risks, discusses early warning signals for economy
Source: IANS
16/09/2022 9:19:49 AM
GST collection may top Rs 1.5 lakh crore from October : Tarun Bajaj Revenue secretary Tarun Bajaj has said he expects GST collection to top the Rs 1.5-lakh-crore-mark from October.  Bajaj said ‘for the last couple of months, we’ve been trying very hard to reach that milestone of Rs 1.5 trillion (lakh crore). But we have been failing a bit sometimes by Rs 2,000 crore and sometimes by even Rs 6,000 crore.’ He mentioned ‘The revenue that we will collect in October, the data of which will come on November 1, I am sure from that mon...
GST collection may top Rs 1.5 lakh crore from October : Tarun Bajaj
GST collection may top Rs 1.5 lakh crore from October : Tarun Bajaj
Source: Accord Fintech
15/09/2022 9:46:18 AM
Finance Minister calls for training of tax personnel for better tech usage Finance Minister Nirmala Sitharaman on Wednesday lauded the efforts of the Central Board of Indirect Tax and Customs (CBIC) and underlined the need for training personnel for better utilisation of Artificial Intelligence and data analytics. "You keep doing good work, generating revenues, you are noticed for it, Prime Minister made a special appreciative mention recently on level of GST revenues," she said while inaugurating 'Kendriya GST Parisar', the housing complex for ...
Finance Minister calls for training of tax personnel for better tech usage
Finance Minister calls for training of tax personnel for better tech usage
Source: IANS
15/09/2022 9:05:27 AM
Revenue Secretary Tarun Bajaj gets addl charge of Corporate Affairs Secretary Tarun Bajaj, Revenue Secretary, has been given an additional charge of secretary at the Union Ministry of Corporate Affairs. "The Competent Authority has approved assignment of additional charge of the post of Secretary, Ministry of Corporate Affairs to Tarun Bajaj, lAS (HY:1988), Secretary, Department of Revenue, Ministry of Finance with immediate effect and till the appointment of a regular incumbent or until further orders, whichever is earlier," said an order issued by the Ap...
Revenue Secretary Tarun Bajaj gets addl charge of Corporate Affairs Secretary
Revenue Secretary Tarun Bajaj gets addl charge of Corporate Affairs Secretary
Source: IANS
22/08/2022 3:43:08 PM
Rough edges in indirect tax regime likely to be ironed out in next 2-3 years: Revenue Secretary A few days after the GST Council meeting, Revenue Secretary Tarun Bajaj has said that there is scope for further pruning of the GST exemption list. He is also hoping that the rough edges in the indirect tax regime will be ironed out in the next 2-3 years. Tarun Bajaj further underlined multiple factors like increased economic activity post-Covid and better compliance which were responsible for the rise in GST collection. He noted that in the 47th GST Council meeting a lot of exemptions hav...
Rough edges in indirect tax regime likely to be ironed out in next 2-3 years: Revenue Secretary
Rough edges in indirect tax regime likely to be ironed out in next 2-3 years: Revenue Secretary
Source: Accord Fintech
6/07/2022 1:44:34 PM
Policymakers do not have `fetish` to raise tax rates to revenue-neutral level of 15.5%: Revenue Secretary Revenue Secretary Tarun Bajaj has said that the rate rationalisation exercise of the GST Council is a result of introspection of GST, and policymakers do not have a ‘fetish’ to raise the tax rates to the revenue-neutral level of 15.5 per cent. He said the government intends to continue with the top GST slab of 28 per cent for luxury and sin goods. But, he said the government is open to discussing narrowing down the three slabs of 5, 12 and 18 per cent into two. On the industry dem...
Policymakers do not have `fetish` to raise tax rates to revenue-neutral level of 15.5%: Revenue Secretary
Policymakers do not have `fetish` to raise tax rates to revenue-neutral level of 15.5%: Revenue Secretary
Source: Accord Fintech
5/07/2022 9:41:02 AM
Tax revenue collections in FY23 likely to be far better than budget estimates: Revenue Secretary Expressing optimism over government’s tax collection, Revenue Secretary Tarun Bajaj has said tax revenue collections in ongoing fiscal year (FY23) are expected to be far better than the budget estimates. Last fiscal year, indirect taxes grew at 20 per cent and direct taxes at 49 per cent. The tax-to-GDP ratio in 2021-22 jumped to 11.7 per cent - the highest since 1999. In 2020-21, the ratio was 10.3 per cent. The country’s tax collections soared to a record high of Rs 27.07 lakh c...
Tax revenue collections in FY23 likely to be far better than budget estimates: Revenue Secretary
Tax revenue collections in FY23 likely to be far better than budget estimates: Revenue Secretary
Source: Accord Fintech
10/06/2022 9:34:03 AM
Government tax collection kitty to surpass budget estimates this financial year: Tarun Bajaj With the net direct tax collection till October closing in on Rs 6 lakh crore and average monthly GST mop-up likely around Rs 1.15 lakh crore this fiscal, Revenue Secretary Tarun Bajaj has said the government's tax collection kitty will surpass budget estimates this financial year. Bajaj mentioned the relief in excise duty on petrol and diesel and customs duty on edible oil will cost the exchequer about Rs 80,000 crore this financial year, and the revenue department will start calculating...
Government tax collection kitty to surpass budget estimates this financial year: Tarun Bajaj
Government tax collection kitty to surpass budget estimates this financial year: Tarun Bajaj
Source: Accord Fintech
22/11/2021 9:43:46 AM
Indian economy in better shape this year as compared to 2020: Revenue Secretary Revenue Secretary Tarun Bajaj has said that Indian economy has not suffered as much this year amid the second wave of COVID-19 as compared to last year when there was complete lockdown. Giving two scenarios, he said if Rs 1.10 lakh crore GST is collected per month, the deficit in states’ revenue would be Rs 1.50 lakh crore. If Rs 1.15 lakh crore GST is collected monthly, then that deficit would be Rs 1.25 lakh crore. So since Rs 1.58 lakh crore would be borrowed this fiscal towards comp...
Indian economy in better shape this year as compared to 2020: Revenue Secretary
Indian economy in better shape this year as compared to 2020: Revenue Secretary
Source: Accord Fintech
31/05/2021 10:57:10 AM