Record number of over 7.85 cr I-T returns filed till Oct 31.
Record number of over 7.85 cr I-T returns filed till Oct 31. Did you know that a record number of over 7.85 crore income tax returns were filed in India until October 31st? According to the Central Board of Direct Taxes (CBDT) data, this marks a significant increase in tax filing compared to previous years. This surge in tax returns is indicative of a growing economy and reflects the efforts of individuals to comply with their income tax obligations. Stay tuned for more updates on the Indian economy and its impact on various sectors.
Record number of over 7.85 cr I-T returns filed till Oct 31
The Central Board of Direct Taxes (CBDT) has announced that a record number of over 7.85 crore income tax returns were filed by individuals till October 31. This shows a significant increase compared to previous years and highlights the growing compliance among taxpayers. The CBDT data also revealed that the number of individual taxpayers filing income tax returns has been steadily increasing over the years. This is a positive development as it indicates a higher level of transparency and accountability in the country’s tax system.
CBDT data
The CBDT data provides valuable insights into the state of income tax compliance in India. It shows that the number of taxpayers filing income tax returns has been steadily increasing, which is indicative of a growing culture of tax compliance. The CBDT has been making efforts to simplify the income tax filing process and increase awareness among taxpayers. This has resulted in more individuals coming forward to fulfill their tax obligations.
Odisha’s GST collections rise by 10.81% to Rs 4,176 crore in October
In another positive development, Odisha’s Goods and Services Tax (GST) collections have seen a significant increase. The state’s GST collections rose by 10.81% to Rs 4,176 crore in October compared to the previous month. This is indicative of a growing economy and improved business activity in the state. The rise in GST collections can be attributed to various factors such as increased industrial activity, improved compliance, and the overall growth in the economy. This is a positive sign for the state’s fiscal health and reflects the government’s efforts to boost revenue through tax collection.Sotheby’s, Christie’s, and Phillips Showcase Rare Colored Diamonds in Recent Jewelry Auctions
Tech-powered aspirations for Amrit Kaal
The Amrit Kaal initiative is aimed at transforming the country into a technology-driven economy. It seeks to leverage the potential of technology and innovation to drive economic growth, create jobs, and improve the quality of life for all citizens. The initiative focuses on sectors such as artificial intelligence, blockchain technology, robotics, and the Internet of Things (IoT). By harnessing the power of technology, India aims to become a global leader in these sectors and create a conducive ecosystem for startups and entrepreneurs.
Govt clears 110 applications for laptop imports, other IT hardware products
In a move to promote digitization and technology adoption in the country, the government has cleared 110 applications for the import of laptops and other IT hardware products. This is a significant step towards creating a conducive environment for the growth of the IT industry and increasing digital penetration in the country. The approval of these applications will make it easier for individuals and businesses to access the latest technology and improve their productivity. It will also help in boosting the manufacturing sector and creating job opportunities in the IT industry. https://git.or.th/
Manufacturing PMI at eight-month low in October due to decline in demand
The manufacturing Purchasing Managers’ Index (PMI) recorded an eight-month low in October due to a decline in demand. This indicates a slowdown in the manufacturing sector, which can be attributed to various factors such as rising input costs, supply chain disruptions, and the impact of the COVID-19 pandemic. However, it is important to note that the PMI is still above the 50-point mark, which indicates expansion in the sector. The decline in demand calls for proactive measures from the government to revive the manufacturing sector and boost economic growth.
October GST collection rises 13% to Rs 1.72 trn, second-highest ever
The Goods and Services Tax (GST) collection for the month of October has seen a significant increase. It rose by 13% to Rs 1.72 trillion compared to the same period last year. This is the second-highest GST collection ever recorded, indicating a healthy growth in the economy. The increase in GST collection can be attributed to various factors such as improved compliance, increased economic activity, and the government’s efforts to streamline the tax system. This is a positive sign for the overall health of the economy and reflects the government’s commitment to fiscal discipline.
India’s services trade surplus bounces back in Sept quarter of FY24
India’s services trade surplus has bounced back in the September quarter of the fiscal year 2023-24. This is a positive development as it indicates a recovery in the services sector and a favorable balance of trade for the country. The services sector plays a crucial role in India’s economy, contributing a significant share to the country’s GDP. The bounce back in the services trade surplus is indicative of the resilience of the sector and its ability to adapt to changing market conditions.
Centre may moderate FY25 disinvestment target amid limited asset sales
The government is considering moderating its disinvestment target for the fiscal year 2024-25 due to limited asset sales. The disinvestment target is an important indicator of the government’s strategy to unlock the value of public sector assets and raise funds. However, due to various factors such as market conditions, valuation issues, and delays in the privatization process, the government may need to revise its target. It is important for the government to strike a balance between fiscal consolidation and asset monetization to ensure sustainable economic growth.
Price of commercial LPG cylinder hiked by Rs 101, effective from November 1
The price of commercial LPG cylinder has been hiked by Rs 101, effective from November 1. This is in line with the increase in global oil prices and the government’s decision to deregulate the LPG market. The price hike will impact businesses and industries that use LPG for commercial purposes. It is important for businesses to factor in these increased costs and plan their budgets accordingly. The government has been promoting alternative sources of energy to reduce dependence on fossil fuels and mitigate the impact of price fluctuations in the global oil market.
