Posts Tagged ‘tax revenues’

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The Government could lose as much as $8 billion in tax revenue by putting a stop to oil and gas permits around the country.

More than $1 billion of tax relief each year for building owners is on the table if the Tax Working Group recommends and the Government accepts that depreciation on buildings should be allowed again.

CBDT Chairman Sushil Chandra Monday expressed confidence in exceeding Rs 11.5 lakh crore direct tax collection target in current fiscal. In 2018-19 budget, the government had projected a 14.3 per cent rise in direct tax collections to Rs 11.5 lakh crore.

Alongside missing its tax collection target for the year, the SA Revenue Service (Sars) is likely to struggle to collect about 40% of outstanding taxes.

The government might be talking about the surge in filing of Income Tax returns till the August 31 deadline, but direct tax collection data available so far are unlikely to bring a loud cheer.