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Refund surge, slow advance tax drag down India’s net collections

Economic Times

Economic Times · 1m ago

Refund surge, slow advance tax drag down India’s net collections

India's net direct tax collections decreased by 1.39% year-on-year to ₹4.58 lakh crore due to a 58% rise in refunds and subdued growth in advance tax payments. Corporate tax and personal income tax contributed ₹1.72 lakh crore and ₹2.72 lakh crore, respectively. Gross direct tax collections increased by 5% to ₹5.45 lakh crore, but refunds of ₹86,385 crore reduced net collections. Officials expect future quarters to meet budget targets despite global uncertainties.

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India's net direct tax collection rises 23.5% y/y in April-Sept

Reuters · 1y ago

India's net direct tax collection rises 23.5% y/y in April-Sept

The Indian government's net direct tax collections increased by 23.5% to 8.65 trillion rupees ($103.9 billion) from April to September 2023. Corporate tax accounted for 4.16 trillion rupees, while personal income tax contributed 4.47 trillion rupees. Gross tax collected before refunds was 9.87 trillion rupees, demonstrating an 18.3% YoY increase. Tax refunds worth 1.22 trillion rupees were issued during the current fiscal year.

GST reforms must align with global trade: PwC

Economic Times

Economic Times · 1m ago

GST reforms must align with global trade: PwC

A PwC report suggests that India’s GST system requires reforms to better align with global trade and attract investment. The report emphasizes the need for transparency, business-friendly policies, and key reforms, including rate rationalization, broadening input tax credit eligibility, and including aviation turbine fuel and natural gas under GST. Additionally, transitioning to a three-tier rate structure is recommended to reduce disputes and enhance tax certainty. GST collections have significantly doubled over five years, reaching an all-time high.

GST collections rise 6.5% YoY to Rs 1.73 lakh crore in September

Money Control

Money Control · 10m ago

GST collections rise 6.5% YoY to Rs 1.73 lakh crore in September

- GST collections in September amounted to Rs 1.73 lakh crore, registering a 6.5% growth compared to the same month last year. - This marks the second consecutive month of single-digit growth and the slowest pace of growth in 39 months. - Average monthly GST collections in the second quarter declined to Rs 1.77 lakh crore from Rs 1.86 lakh crore in the first quarter of FY25. - However, September's collections still exceeded Rs 1.7 lakh crore for the seventh consecutive month. - In the first six months of the year, GST collections reached Rs 10.87 lakh crore, representing a 9.6% increase compared to the same period last year. - Net GST revenues grew by 3.9% to Rs 1.53 lakh crore, as refunds saw a significant surge, particularly for domestic (24.3%) and IGST (39.2%) refunds.

Indian startup shutdowns soar 12x amid market reset

Inshorts · 3m ago

Indian startup shutdowns soar 12x amid market reset

India’s startup ecosystem faced a sharp correction as over 28,000 startups shut down in two years. This is a 12x surge from earlier trends. Fuelled by premature funding, market saturation, and lack of PMF, the shakeout reflected a return to disciplined investing. Experts believe this reset will pave the way for stronger, fundamentals-driven startups in India’s next growth phase.

Budget 2024: Traders Reel Under Capital Gains Tax Shock; Will Zerodha, Groww Take A Hit?

Inc42 · 1y ago

Budget 2024: Traders Reel Under Capital Gains Tax Shock; Will Zerodha, Groww Take A Hit?

The recent announcement of increased short-term and long-term capital gains tax in the Union Budget 2024 has raised concerns among short-term traders and may slow down retail trading activity in India. Investors who engage in derivatives trading, like future and options trading, are particularly affected by these changes. The heightened taxes on various assets could impact the trading volumes on stock exchanges and the user base of discount brokerages. Finance minister Nirmala Sitharaman announced these tax hikes earlier today.

Singapore's GIC seeks CCI nod to acquire 2% stake in Groww

Economic Times

Economic Times · 2m ago

Singapore's GIC seeks CCI nod to acquire 2% stake in Groww

Singapore's GIC, via Viggo Investment Pte, seeks approval from India’s CCI to acquire a 2.14% stake in Billionbrains Garage Ventures, Groww's parent. The acquisition, part of a deed executed in April 2025, adheres to India’s Competition Act. This stake in the investment tech unicorn aligns with prior funding activities that elevated Groww's valuation to $6.8 billion. Despite reporting a major tax-related net loss, Groww achieved operational profitability in FY24.

Luxury car sales enter the slow lane in H1

Economic Times

Economic Times · 28d ago

Luxury car sales enter the slow lane in H1

Luxury car sales in India experienced slow growth in the first half of 2025 due to market volatility and geopolitical issues, with only a 1.8% increase over the previous year. Mercedes-Benz reported low growth, while Audi sales fell by 14% amid economic challenges. However, BMW saw a 10% rise in sales, fuelled by strategic planning. Despite fluctuations, the luxury segment is projected for moderate growth in 2025, owing to India’s expanding ultra-high-net-worth population.

Skoda consignments won't be stopped over $1.4 bn tax dispute: Govt to Bombay HC

Livemint

Livemint · 5m ago

Skoda consignments won't be stopped over $1.4 bn tax dispute: Govt to Bombay HC

The Indian government assured the Bombay High Court that Skoda Auto Volkswagen India’s consignments would not be halted over a $1.4 billion import tax dispute. Skoda challenges the classification of imported auto parts as completely knocked down (CKD) kits, which attract higher duties. The government argues the parts should be taxed at CKD rates. Skoda’s plea seeks to prevent customs from reclassifying past imports and requests an interim stay on the notice’s implementation.

India Remains Largest Contributor To Truecaller’s Revenue Stream

Inc42 · 1y ago

India Remains Largest Contributor To Truecaller’s Revenue Stream

Truecaller continues to see significant growth in India, with the country accounting for 75.8% of its total net sales in 2023. India added $126.5 million to Truecaller's net sales, slightly down from the previous year. The company experienced user growth, with 20 million monthly active users added in India and 16 million added outside of India. Truecaller's introduction of innovative features and its AI Assistant contributed to a 19% surge in paying users and a 23% increase in subscription revenues globally. The company remains optimistic about its ad model and sees potential for recovery.

Online gaming platform Zupee’s FY23 operating revenue more than doubles to Rs 831.5 crore

Economic Times

Economic Times · 1y ago

Online gaming platform Zupee’s FY23 operating revenue more than doubles to Rs 831.5 crore

Gurugram-based online gaming platform Zupee has reported a significant increase in its operating revenue for FY23, reaching Rs 831.51 crore, more than double compared to the previous year. The company's net loss also decreased by 72% to Rs 36.5 crore. Zupee's expenses grew at a slower pace, primarily driven by a surge in advertising and promotional expenses. The growth in revenue aligns with the trends seen in other online gaming firms, such as Gameskraft and Mobile Premier League. However, online gaming firms have faced challenges with the introduction of a higher goods and services tax.

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