Tag: revenue

Revenue collection from GST touches Rs 94,700 cr: Reports

Revenue collection from GST touches Rs 94,700 cr: Reports

07/09/2017 17:01

The Indian Government has said that around six lakh more businesses have filed returns and paid taxes in last one week, taking maiden revenue collections from GST to about Rs 94,700 crore.

As per reports, Finance Minister Arun Jaitley had last week stated that 38.38 lakh businesses had filed their returns and paid Rs 92,283 crore in taxes for the month of July – the first month of implementation of independent India’s biggest tax reform, the GST.

Commenting on the issue, a Government Official told the media, “Since then the number of returns filed has gone up to 44 lakh and over Rs 2,500 crore more has come in as taxes. The collections so far are from 74 per cent of the total taxpayer base and more people are likely to come in when the final returns are filed in GSTR 1, 2 and 3.”

As per reports, the GST, which unifies more than a dozen central and state levies like excise duty, service tax and VAT, kicked in from July 1 and requires all tax payers to register on the new tax platform, GST Network.

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Sushil Chandra appointed as CBDT chief

Sushil Chandra appointed as CBDT chief

06/10/2016 11:26

Senior Indian Revenue Service officer Sushil Chandra has been appointed as chairperson of the Central Board of Direct Taxes (CBDT), the apex policy making body for the Income Tax department.

He will replace Rani Singh Nair, who retires this month-end.

Chandra, a 1980 batch officer of Indian Revenue Service (Income Tax cadre), is currently Member (Investigation) of the CBDT.

The Appointments Committee of the Cabinet approved the appointment of Chandra as Chairperson of the CBDT to replace Nair, who is superannuating on October 31, an order issued by Department of Personnel and Training said.

IIT graduate Chandra’s tenure will last till May next year, official sources said.

Nair, a 1979 batch IRS officer, had taken over as CBDT chief on August 1 this year, said the media report.

The CBDT is headed by a chairman and can have a maximum of six members.

JCB India targets 20% revenue growth in 2016

JCB India targets 20% revenue growth in 2016

29/06/2016 16:30

According to media reports, earthmoving and construction equipment (ECE) maker JCB India has said that it expects a robust 20 per cent rise in its sales revenue in the calendar year 2016.

The company, which posted a turnover of Rs 5,000 crore in 2015, has also assured its investors that the Brexit turmoil that has rocked financial markets across the globe and threatens to slow the global economic recovery, wouldn’t have any significant impact on JCB India’s business.

“The ECE industry is now having a very good growth of 40 per cent. We expect our sales revenue to grow at 20 per cent in calendar year 2016″, MD and CEO of JCB India, Vipin Sondhi said, the PTI reported.

The industry has reported negative growth since April 2012. “During October to December 2015, the growth was flat. Growth had started to pick up from January 2016″, he added, the PTI reported.

The ECE industry’s growth has been mainly led by roads and railways.

The company was exporting 60 per cent of its production to its mother plant in UK from its Pune components manufacturing facility. “Exports of machines was 20 per cent of overall revenue of the company”, he said, the PTI reported.