Business
GST Collections Rise 4.6% At Rs 1.96 Lakh Crore In October Despite Rate Cuts
New Delhi: Despite rate rationalisation, the Goods and Services Tax (GST) collections rose 4.6 per cent (year-on-year) in the festive month of October at about Rs 1.96 lakh crore, the official data showed on Saturday. October also made it the 10th consecutive month that revenues remained above the Rs 1.8 lakh crore mark.
According to the government data, the GST collections went up 9 per cent to about Rs 13.89 lakh crore in the April-October period of FY26 — against Rs 12.74 lakh crore in the same period last fiscal (FY25).
The data further showed that after deducting refunds, the government’s net tax collections stood at Rs 1.69 lakh crore, 0.6 per cent more last month than in October 2024. The month of October saw robust consumer demand after the September 22 rate cuts towards broader tax and economic reforms. The government said that the benefits of recent GST cuts have been extended to consumers in the festive season, as consumption is one of the key engines for growth.
Because of the GST reforms, it’s very likely that consumption will increase more than 10 per cent this year, which means there is a strong possibility of extra consumption of around Rs 20 lakh crore.
“The higher gross GST collections reflect a strong festive season, higher demand and a rate structure that has been well absorbed by businesses. It is a positive indicator of how both consumption and compliance are moving in the right direction,” said Abhishek Jain, Partner and National Head-Indirect Tax, KPMG in India.
The GST revenues rose 9.1 per cent year-on-year in September, reaching Rs 1.89 lakh crore. In the second quarter of FY26, collections reached Rs 5.71 lakh crore, a 7.7 per cent increase year-over-year.
Meanwhile, India’s net direct tax revenue climbed 6.33 per cent to over Rs 11.89 lakh crore in the current fiscal year (till October 12). The Income Tax Department said that total gross direct tax collection stood at Rs 13.92 lakh crore, up from Rs 13.60 lakh crore during the same period last fiscal.
This performance was driven by stronger corporate tax collections and slower refund payouts. While corporate tax receipts rose to Rs 5.02 lakh crore from Rs 4.91 lakh crore, non-corporate tax collections (including individuals and HUFs) went up to Rs 6.56 lakh crore from Rs 5.94 lakh crore.
Business
Budget eases PF, ESI deduction rules for employers, allows relief for delayed deposits – The Times of India
In a move expected to bring relief to employers and reduce routine tax disallowances, the finance bill has proposed a key change to the treatment of employees’ provident fund (PF), ESI and similar contributions, allowing deductions even where there is a delay in deposit, provided the amount is deposited by the employer entity with the relevant welfare fund authorities before the due date of its Income-tax return.At present, employers can claim deduction for employees’ PF and ESI contributions only if the amounts are deposited within the strict timelines prescribed under the respective welfare laws. Even a minor delay permanently disqualifies the expense for tax purposes, a position that had been settled by the Supreme Court (SC) after years of litigationUnder the proposed amendment to Section 29 of the Income-tax Act, 2025, the definition of “due date” for claiming deduction of employees’ contributions is set to be aligned with the due date for filing the income-tax return by the employer entity.Explaining the shift, Deepak Joshi, a SC advocate said employers are currently held to a rigid standard. “The law, as interpreted by the SC, meant that if employee contributions were not deposited within the due date under the relevant welfare fund laws, no deduction was allowed — even if the payment was made before filing the income-tax return,” he said.“The proposed amendment substitutes the definition of ‘due date’ to mean the due date of filing the income-tax return. The positive impact is that even if there is a slight delay in depositing employees’ contributions, so long as the amount is deposited before the return-filing deadline, the employer will be allowed the deduction,” Joshi added. Experts view the move as part of the government’s broader effort to soften compliance rigidities and reduce avoidable litigation.
Baby boxes are being delivered to expectant families in some of Wales’ most deprived areas.
Source link
After the drop in gold price, Bitcoin price also fell.
Bitcoin fell below $77,000 in the global market, Bitcoin price fell by more than 13% in a week.
Bitcoin’s highest price in 6 months fell below $126,000, Bitcoin price has dropped by more than $49,000.
Fulham to revisit USMNT’s Ricardo Pepi transfer in summer – sources
Budget eases PF, ESI deduction rules for employers, allows relief for delayed deposits – The Times of India
Hollywood stars remember life and legacy of Catherine O’Hara
-
Sports6 days agoPSL 11: Local players’ category renewals unveiled ahead of auction
-
Entertainment6 days agoClaire Danes reveals how she reacted to pregnancy at 44
-
Tech1 week agoICE Asks Companies About ‘Ad Tech and Big Data’ Tools It Could Use in Investigations
-
Business6 days agoBanking services disrupted as bank employees go on nationwide strike demanding five-day work week
-
Fashion1 week agoSpain’s apparel imports up 7.10% in Jan-Oct as sourcing realigns
-
Sports6 days agoCollege football’s top 100 games of the 2025 season
-
Politics1 week agoFresh protests after man shot dead in Minneapolis operation
-
Politics6 days agoTrump vows to ‘de-escalate’ after Minneapolis shootings