ITR filings jump 7.5% to 7.28 cr; 72% embrace new tax regime
Over 5.27 crore were filed under the new tax regime, while 2.01 crore ITRs were filed under the old tax regime
ministry of finance
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February GST collection rises 12.5% YoY to ₹1.68 lakh crore
As of February 2024, the total gross GST collection for the current fiscal stands at ₹18.40 lakh crore, up 11.7% for the same period in FY23.
Budget 2024: Defence Is 13.2% Of Budgeted Expenditure
In FY24, seven ministries spent 55% of total expenditure
Budget 2024: Credit Offtake Has Grown To 2x Of FY16
The Credit to Deposit (CD) ratio reached 75.8% as of FY23.
Budget 2024: Government Debt Double Of FY19 Level
Debt to rise to 51.4% of GDP in FY24, up from 39%, five years ago.
RBI group recommends tighter rules for states while giving guarantees
With these suggestions, RBI aims to facilitate better fiscal management by states
DGGI busts fake GST invoice syndicate
As per the ministry of finance, the ongoing investigation has also revealed the involvement of bank officials in the establishment of bank accounts under the names of fictitious firms.
There is no distress: Finance Ministry on drop in household savings
Households added net financial assets of ₹22.8 lakh crore in 2020-21, nearly ₹17 lakh crore in FY22 and ₹13.8 lakh crore in FY23.
Direct tax collections rise 23.51% to ₹8.65 lakh cr in FY24
The net direct tax collections include corporation tax at ₹4,16,217 crore (net of refund) and personal income tax including securities transaction tax at ₹4,47,291 crore (net of refund).
Elevated inflation challenges macro stability: FinMin
It may be noted that headline retail inflation in the economy spiked to 7.4% in July 2023, with specific food commodities mainly driving the increase.
