Latest news with #taxcollection
Times of Oman
3 days ago
- Business
- Times of Oman
India: GST collections in May 2025 up 16.4% to Rs 2.01 lakh crore
New Delhi: The gross Goods and Services Tax (GST) collection rose 16.4 per cent to Rs 201,050 crore, according to official data released on Sunday. In May 2024, the collections were to the tune of Rs 172,739 crore. In the month of May, collections of CGST, SGST, IGST, and cess all rose year-on-year. So far in April-May 2025-26, the GST collections were at Rs 437,767 crore, up 14.3 per cent from Rs 383,006 crore in the same period last year. GST collection in 2024-25 stood at Rs 22 lakh crore, up 9.4 per cent year-on-year. During the financial year 2023-24, the total gross GST collection was recorded at Rs 20.18 lakh crore, with an 11.7 per cent increase. The recent GST collections reflect a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years. Hair oil, toothpaste, soap; detergents and washing powder; wheat; rice; curd, lassi, buttermilk; wristwatches; TV up to 32 inches; refrigerators; washing machines, mobile phones, are among key items on which GST rates have been slashed substantially, or for some kept at zero, benefiting people of this country. The GST Council, a federal body comprising the Union Finance Minister as its Chairman and Finance Ministers of all States as members, has played its part in the forum. The latest meeting of the GST Council was held on December 21 at Jaisalmer, Rajasthan.
The Herald
21-05-2025
- Business
- The Herald
Sars allocated R4bn to boost its capacity to collect tax revenue
In his latest budget proposals, dubbed budget 3.0, he announced that he was allocating R4bn to the taxman in the current financial year, with Sars receiving an additional R7.5bn in the Medium-Term Expenditure Framework (MTEF) or the next three years. Godongwana's latest budget documents also showed that Sars had collected R95bn in debt during the previous financial year of 22024/2025. 'Over the MTEF period, the agency will receive an additional R7.5bn relative to the baseline. 'Part of this allocation is expected to increase debt collection by R20bn to R50bn per year. 'This potential revenue is not included in the revenue estimates. However, the performance of SARS will be monitored by assessing the change in the amount of cash collected, which will be published monthly.' Godongwana had previously allocated R3.5 billion to SARS during the medium budget policy statement in November last year. The allocations will also see SARS investing in new technology, data science and artificial intelligence to beef up its capacity to collect more money. SARS commissioner Edward Kieswetter has previously called on the national treasury to allocate it more resources for it to also go after tax dodgers. At a pre-budget briefing, Kieswetter said he would be hiring up to 1,700 debt collectors chase billions of rands owed to Sars. 'In the month of April, we already hired 500, we've used the month of April to train them and upskill them, from the first of June we'll bring a further 250 and that takes us to about 750,' Kieswetter explained. Sars was aiming to collect at least R120bn in total tax debt in the MTEF period. At the same time, Godongwana has reduced allocations to the government's early retirement programme. The early retirement plan is aimed at reducing the number of public servants by encouraging government employees aged 55 and above to retire early without incurring early withdrawal penalties. The early retirement package has now been cut from R11bn to R5.5bn from this year, up to 2027. 'Discussions with organised labour on the process are underway in the Public Service Co-ordinating Bargaining Council (PSCBC). The allocation will be revisited on the conclusion of these consultations as part of the next budget process, although functions that are not parties to the PSCBC process-such as the department of defence-can proceed with implementation.' Duncan Pieterse, the director-general of the national Treasury, said they were not aiming to entice at least 15,000 civil servants of advanced age to take early retirement, reduced the 30,000 that had been announced last year. Allocations to the department of defence have also been cut by R2bn, due to the 'expedited schedule for withdrawal' of SANDF troops from the Democratic Republic of Congo. TimesLIVE
Yahoo
18-05-2025
- Business
- Yahoo
How we got here: Ledger-Enquirer's reporting on the Columbus finance investigation
Stories by Columbus Ledger-Enquirer journalists, with AI summarization A Columbus finance investigation revealed deep conflicts over how much revenue the city failed to collect. Initial audits cited a shortfall as high as $45 million, while city leaders maintained it was closer to $2.5 million. Reports found the occupational tax office overwhelmed by stacks of unprocessed checks, backlogged license applications, and shifting estimates from both the internal auditor and outside firms such as Troutman Pepper. Recent updates showed the city had improved collection processes, but concerns and a criminal investigation remain unfinished, with charges filed against some staff and ongoing questions about possible cover-ups. Amid continued distrust, options like outsourcing the business license department and expanding automation are under consideration to prevent similar problems in the future. Councilors said the city business license office has fallen behind in collecting license fees by failing to send out renewal notices, so some businesses have not renewed licenses for years. | Published October 30, 2023 | Read Full Story by Tim Chitwood An auditor says Columbus is $45.1 million behind on collecting business license taxes. The finance director says it's only $2.5 million. | Published December 5, 2023 | Read Full Story by Tim Chitwood One councilor said the city by law cannot collect on delinquent business license accounts if the debt's more than four years old. 'It's gone. You can't get that money back,' he said. | Published January 24, 2024 | Read Full Story by Tim Chitwood The mayor says probe is about a private citizen erroneously getting personal information on a business the city manager owned. But some city workers fear it's about outing whistleblowers. | Published January 26, 2024 | Read Full Story by Tim Chitwood The letter obtained by the Ledger-Enquirer doesn't list the names of the CCG employees but identifies three of the employees by title. | Published August 16, 2024 | Read Full Story by Kelby Hutchison An attorney representing Reather Hollowell, the Columbus Consolidated Government's human resources director, released a statement Wednesday saying she has no involvement in the possible wrongdoing. | Published August 21, 2024 | Read Full Story by Kelby Hutchison Columbus Council still has concerns about the finance department after going through a follow-up report on the revenue division. | Published November 26, 2024 | Read Full Story by Brittany McGee District Attorney of the Towaliga Judicial Circuit Jonathan Adams provides an update to the criminal investigation into the Columbus Finance Department. | Published February 12, 2025 | Read Full Story by Brittany McGee An investigative document provided to the Ledger-Enquirer shows additional charges have been recommended for four city employees. | Published May 15, 2025 | Read Full Story by Brittany McGee Kelby Hutchison The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Zawya
16-05-2025
- Business
- Zawya
Nigeria: Jigawa govt generated $5mln in first quarter of 2025 — JIRS Chairman
The Chairman of Jigawa State Internal Revenue Service (JIRS), Dr. Nasiru Saboda, has disclosed that the agency generated over N8 billion in the first quarter of 2025. He made the disclosure in an interview with Tribune Online in Dutse shortly after declaring open a two-day town hall and capacity-building workshop for Civil Society Organisations (CSOs) and market groups. The event was organised by Prime Initiative and the Tax Justice Platform with support from Christian Aid and CISLAC, and held at the Manpower Development Institute in Dutse, the state capital. Dr. Saboda attributed the success to the support of Governor Malam Umar Namadi, praising his commitment to the state's development. According to him, 'The agency made tremendous progress in the first quarter of this year. We generated over N8 billion, which is significantly higher than what we realised in the first quarter of last year. I'm happy to inform you that in April alone, we generated over N3 billion.' He added, 'We achieved this through the support of His Excellency, Governor Malam Umar Namadi, and the new innovations and strategies we introduced—especially our strict implementation of the policy to digitalise revenue and tax collection systems in the state.' While declaring the workshop open, Dr. Saboda commended Prime Initiative and the Tax Justice and Governance Platform for organising the event. He also called on the public to support the agency for enhanced development. He assured that the state government, through his office, would ensure strict implementation of all agreements signed between the government and its development partners on tax law reforms. In his remarks, the Executive Director of Prime Initiative, Comrade Muhammad Abdu Dutse, described the engagement as an opportunity to share experiences and challenges related to taxation, and to develop strategies for addressing these challenges to promote fairness in tax collection. Comrade Dutse explained that the objectives of the workshop include strengthening the capacity of CSOs and market groups to engage with tax authorities on tax-for-service agreements, and enhancing understanding of tax policies and their role in promoting accountability and service delivery. He added that the workshop would also foster dialogue between tax authorities, CSOs, market associations, and taxpayers' groups to improve trust, transparency, and efficiency in tax collection and service provision. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Arab News
13-05-2025
- Business
- Arab News
Pakistan PM prioritizes tax net expansion, vows crackdown on evaders
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday declared the expansion of Pakistan's tax base as his administration's foremost priority, emphasizing the need to take decisive action against tax evaders and the officials who enable them. Sharif's remarks came during a high-level meeting in Islamabad focused on enhancing tax collection and broadening the tax net, according to a statement from the Prime Minister's Office. Tax reform has been a central condition of Pakistan's ongoing $7 billion loan program with the International Monetary Fund (IMF), which has asked Islamabad to boost revenue collection. 'Expanding the tax net is the government's top priority,' Sharif said. 'We want to reduce the tax rate to ease the burden on the common man.' 'Individuals and sectors capable of paying taxes but currently outside the tax net must be brought within it,' he added. 'Comprehensive action should be taken against tax evaders, and strict accountability must be ensured for officials and personnel who assist them.' The government has implemented several measures to strengthen the tax collection mechanism, including the digitization of tax monitoring systems and the deployment of track-and-trace technology in key industries. According to the PM Office, the introduction of these systems in cement plants nationwide has led to significant increases in tax revenue, while the sugar sector saw a 35% rise in tax receipts between November 2024 and April 2025. Pakistan's tax-to-GDP ratio, historically among the lowest in the region, stood at 8.8% in the 2023-24 fiscal year. However, Finance Minister Muhammad Aurangzeb projected it would reach 10.6% by June 2025, marking progress toward the government's target of 13% by the conclusion of the IMF's 37-month Extended Fund Facility. The meeting tax collection, attended by key cabinet members and senior officials from the Federal Board of Revenue (FBR), also addressed the need for timely resolution of pending tax litigation and the completion of digital monitoring systems in sectors such as cement and tobacco by June. 'By the grace of God, the national economy is stabilizing and progressing,' Sharif said. 'Everyone must fulfill their responsibilities for the country's development.'
