Revenue Secretary Tarun Bajaj on Wednesday said the government was expecting “very strong” tax revenues in the current fiscal year, backed by better-than-expected corporate sector performance. Recognizing that higher GST rates are affecting the automotive sector, Bajaj said the GST Council looks at solutions to lower rates, excluding certain items from the tax-exempt category. And said the reverse would fix the fee structure.
“When I look at the current first quarter, the results started coming in and (the tax) revenue started coming in. The first advance tax is over, the TDS date is approaching,” he said at the CII’s annual session here. This and going, I see very strong tax returns. “Bajaj said,” We have not increased taxes, or we are more intrusive and we are asking you to pay more tax … The good thing behind this is that perhaps the corporate sector is doing better than we expected. So it is very good for the economy. “
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Net direct tax collections during the April-June quarter of the current fiscal stood at Rs 2.46 lakh crore, compared to Rs 1.17 lakh crore in the same period last fiscal (2020-21). Net Indirect Tax (GST and Non-GST) revenue collection for the June quarter was Rs 3.11 lakh crore.
Net GST collections for the quarter increased by more than Rs 1.67 lakh crore to Rs. 26.6 per cent of the budget estimate of Rs 6.30 lakh crore. Net GST collection consists of Central GST, Comprehensive GST and Solution Cess. On the Goods and Services Tax (GST), Bajaj said that there are many factors that need to change tax rates, but the system needs to be stabilized first.
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He said, “When you talk about the automotive sector, I agree, and as I can see, this will continue for a few more years. All this will have a negative impact on the industry. The Revenue Secretary said that. Requested to do so and told them what cooperation these companies need from the government.