The number of tax payers filing income tax returns has more than doubled to 7.78 crore in the past 10 years, as per government data. Releasing key statistics, the Central Board of Direct Taxes (CBDT) on Tuesday said the number of Income Tax Returns (ITRs) filed in FY23 stood at 7.78 crore, showing an 104.91 per cent increase as compared to the 3.8 crore ITRs filed in 2013-14. During the same period, the net direct tax collections increased 160.52 per cent from Rs 6,38,596 crore in FY14 to Rs 16,63,686 crore in 2022-23, it said. The government has budgeted to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax) -- 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal. According to CBDT data, gross direct tax collections increased 173.31 per cent to Rs 19,72,248 crore in FY23 from Rs 7,21,604 crore in FY14. At the same time direct tax-to-GDP ratio went up from 5.62 per cent to 6.11 per cent. The cost of collection, however, has decreas

Meanwhile, 37 per cent business leaders expect the growth to remain below 6 per cent, as they cite rising inflation rates, supply chain challenges, and global headwinds as major challenges

In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent

The easing of prices came as U.S. consumer confidence increased during the quarter after months of decline, with Americans growing more optimistic about current and future business conditions

It added that India's economic forecast faces a significant risk in the event of a prolonged spell of disruptions

The mandated percentage of earnings that goes as ABS ranges from 0.1 to 0.5 per cent of sales, depending on the company's revenue, according to AYUSH industry estimates

Negotiations for a free trade agreement between India and the four-nation EFTA bloc are at an advanced stage as both sides have reached a shared understanding on key issues, a senior official has said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. India and the EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. "Following extensive negotiations, a shared understanding has been achieved on key issues during the ministerial meeting. Ongoing efforts are now focused on shaping the convergence that has emerged," the official said. Commerce and Industry Minister Piyush Goyal held a meeting recently with Swiss Federal Councillor Guy Parmelin in Mumbai. Parmelin, in a social media post on X, has said that officials are working around the clock to settle last details so that it can be signed as soon as possible. "At the last-minute ..