The government has broadly met the tax collection target of over Rs 34.37 lakh crore for 2023-24 on the back of robust economic activity and improved compliance, an official said. "Overall targets for tax revenue have been met," the official told PTI. The government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to Rs 19.45 lakh crore, while for indirect taxes (GST+ Customs + Excise) the target was lowered to Rs 14.84 lakh crore in the revised estimates (RE) presented in Parliament on February 1, 2024. The net direct tax collections (comprising corporate tax and personal income tax) reached over Rs 18.90 lakh crore as of March 17. GST remained a high point during the last fiscal with collections reaching a record high of Rs 1.87 lakh crore in April 2023 and the second highest collection coming in at Rs 1.78 lakh crore in March 2024. The gross tax collection target as per the revised estimate stood at Rs 34.37 lakh crore for FY24. Tax collection

The Ministry of Road Transport and Highways (MoRTH) has raised Rs 40,314 crore through various modes of asset monetisation in financial year 2023-24, against the target of Rs 28,968 crore, a senior government official said on Tuesday. The ministry had raised Rs 15,968 crore through monetisation of 4 toll-operate-transfer (TOT) bundles, Rs 15,700 crore through Infrastructure Investment Trust (InvIT) and Rs 8,646 crore through securitisation, the official told PTI. The ministry had raised Rs 32,855 crore in 2022-23 through various modes of asset monetisation. Currently, MoRTH monetises its assets under three different modes -- toll-operate-transfer (TOT) model, Infrastructure Investment Trust (InvIT) and project-based financing, in order to provide all categories of investors an opportunity to invest in assets pertaining to highways and associated infrastructure. Infrastructure Investment Trust (InvIT) is an instrument on the pattern of mutual funds, designed to pool money from ...

Strongest increase in output and new orders since October 2020, says HSBC India survey

Authority figures to availability choice: Our voting decisions are often coloured by biases that are often unconscious

The pace of inflation in India has remained above the central bank's 4% target for the last few months, giving policymakers reason to remain cautious

The manufacturing PMI has remained above the 50-mark for more than 30 consecutive months

Opec's output fell last month by 50,000 bpd, indicating the voluntary cuts are having some effect

To compete with China on the economic front, India should focus on manufacturing, a key sector which was ignored by governments before Prime Minister Narendra Modi came to power in 2014, External Affairs Minister S Jaishankar has said. Noting that tension at the border with China has caused "abnormality" in New Delhi-Beijing relations, he said India's thinking is absolutely clear that unless there is peace and stability in the border areas, the ties between the two Asian powers will not improve. "If we have to compete with China, which we should, then its solution is that we should focus on manufacturing here. Our approach towards manufacturing has changed after Modiji came to power. Before that, people did not give much emphasis on manufacturing," Jaishankar said during his interaction with industry leaders at a programme in Surat on Monday. There is no other way to counter China on the economic front, insisted the career diplomat-turned-politician while replying to questions from

These figures indicate that the defence exports have grown by 31 times in the last decade

It is the lowest number of beneficiaries to have accessed employment under the scheme since the Covid-19 pandemic

Odisha has recorded a growth of 10.73 per cent in gross GST collection in the 2023-24 fiscal, a statement said on Monday. The state has collected Rs 54,747.97 crore in gross GST from April 2023 to March 2024. The highest-ever monthly collection of gross GST of Rs 5,135.81 crore was recorded in February, said the statement issued by the Commissionerate of CT & GST, Odisha. The highest and second-highest ever monthly collection of state GST (OGST+IGST settlement) were recorded in November (Rs 2,700.85 crore) and December (Rs 2,528.41 crore). Similarly, the progressive collection of state GST (OGST+IGST settlement) up to the month of March 2024 was Rs 24,051.45 crore against the collection of Rs 18,600.52 crore up to March 2023, registering a growth of 29.31 per cent.

It was domestic transactions that drove GST collection in March. Gross receipts from such transactions rose 17.6 per cent

While commodity prices have softened, revenue of upgraded companies in the CRISIL rating pool grew by about 13 per cent in fiscal 2024 largely led by a pick-up in volume

Since July 2021, the RBI has been conducting auctions for bonds, under uniform pricing, except for ultra-long duration bonds maturing in 30 years and beyond

The average real monthly wages of a regular wage worker dipped to Rs 10,925 in 2022 from Rs 12,100 in 2012

The growth was mainly fuelled by coal and iron ore, traditionally the mainstay of the railways' freight portfolio

The Reserve Bank of India (RBI) on Monday said nearly 97.69 per cent of the Rs 2000 denomination bank notes have returned to the banking system, and only Rs 8,202 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,202 crore at the close of business on March 29, 2024, the Reserve Bank of India said in a statement. "Thus, 97.69 per cent of the Rs 2000 banknotes in circulation as of May 19, 2023, has since been returned," it added. The Rs 2,000 banknotes continue to be legal tender. People can deposit and/or exchange Rs 2000 bank notes at 19 RBI offices across the country. People can also send Rs 2000 bank notes through India Post from any post office to any of the RBI Issu

The jump in coal production comes at a time when the country is preparing for a record high power demand expected due to extreme heat this summer

India may receive 4 million barrels of Venezuelan crude, the cheapest among all crude sources, in April, lower from 4.78 million barrels in March

Under the multiple price auctions, buyers are allotted bonds at the price they bid at, while uniform pricing means bonds are sold at the cutoff level