Page 14 - BANKING FINANCE NOVEMBER 2023

ROUNDUP

Central Board of Indirect Taxes and tax regime, which has been sweetened rily due to attractive returns from eq-
Customs (CBIC) said in a post on X. in the FY24 union budget, Central uity markets, and ease of account
Board of Direct Taxes (CBDT) chairman opening process.
The CBIC said that GST on 'puja
Nitin Gupta said.
samagri' was discussed in detail in the Also, the incremental additions of such
14th and 15th meetings of the GST Gupta said direct tax collections stood accounts were higher in August in
Council held on May 18-19, 2017 and at Rs. 9.57 trillion after refunds in the comparison to the preceding month.
June 3, 2017, respectively and it was current financial year, as of 9 October. Further, this was way higher than the
decided to keep them in exempt list. This was 21.8% higher than the net average 21 lakh monthly additions in
collections made in the same time a fiscal year FY23, according to an analy-
IMF ups India's FY 24 year ago. sis by Motilal Oswal Financial Services.

growth forecast to 6.3% Prior to refunds, the tax authority col- The new account additions rose 4.1 per
lected Rs. 11.07 trillion so far this year, cent month-on-month to 31 lakh in Au-
The International Monetary Fund nearly 18% more than what was col-
raised India's growth projection for the gust compared to 30 lakh additions in
lected at the same time a year ago. July.
current fiscal year to 6.3%, from 6.1%
estimated earlier, on the back of a Several factors including the use of Going by the data, a total of 12.7 crore
stronger than expected consumption technology and sharing information demat accounts were registered with
during the June quarter. about the taxpayers' transactions re- the two depositories -- NSDL and CDSL-
ported by various entities, with him in - at the end of August 2023 as com-
The current growth projection, which
the annual information statement are pared to 10.1 crore a year earlier.
is closer to RBI's 6.5% estimate, will
helping in tax collection growth, the
help India retain its status as the official said. Around 5.3 million new
world's fastest growing major Direct tax collections surge
taxpayers have filed tax return by July
economy at a time when the view on
this year. 18% up
China is less optimistic. China is ex-
pected to expand by 5% this year, Gross direct tax receipts totalled Rs
against an earlier estimate of 5.2%, India to have 30 semicon- 11.1 lakh crore up to October 9, 2023
with the global economy projected to ductors startups - nearly 18% higher than the compa-
grow 3% this year, and 2.9% next year, rable period of last year, official data
From importing 82% of mobile phones
0.1% lower than earlier projection. in 2014, India now manufactures 100% released showed.
"The global economy is limping along, of what it consumes and exported over Direct tax collection, net of refunds,
not sprinting... growth is well below 1 lakh sets last year, Union IT minister was at Rs 9.6 lakh crore, which is
historical averages," Pierre-Olivier Rajeev Chandrasekhar said during his 21.8% higher than the net receipts for
Gourinchas, IMF's chief economist, said address at the Indo-Pacific Economic the comparable period of last year.
after releasing the latest World Eco- Conclave in Kolkata. This collection is 52.5% of the total
nomic Outlook (WEO) here. The out- budget estimates for direct taxes in
Referring to the global launch of India-
look does not factor in the implications 2023-24. The growth rate for corpo-
made iphone-15, the minister said In-
of the conflict in Israel, which is being dia was looking at almost 30 startups rate income tax (CIT) was estimated at
watched closely. in the semi-conductor segment. 7.3%, while that for personal income
tax (PIT) was 29.5%.
CBDT sees 70% of indi- Nitin Gupta, chairman Central Board
Demat accounts grow 26%
viduals switching to new of Direct Taxes, said the department
to 12.7 crore in August was confident of meeting the budget
tax regime The number of demat accounts rose to targets for direct taxes set for the cur-
About 70% of personal income taxpay- 12.7 crore in August 2023, a surge of rent fiscal year as receipts "as on date"
ers are expected to shift to the new 26 per cent on a yearly basis, prima- were good.

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