We’re focussed on demonstrating the integrity of our systems, providing support to those who need it, and being open about the way we run HMRC, so that everyone can judge for themselves how fairly we act and how well we’re doing. This revenue growth rate is the eighth lowest in the past 50 years, and the seven lower years either coincided with a recession or tax cuts/expiring tax increases enacted shortly after a recession. That is a 5.6 percentage point additional increase in growth, an increase not caused by monetary policy, nor fiscal policy, nor expansion in world growth. Since data are available for approximately 10 fiscal months, simple extrapolation gives one a reasonable estimate of actual final revenues. Corporate income tax revenues surged, growing about 24 percent in fiscal year 2019.
Views expressed are personal, Also read | P B Mehta writes: Budget 2020 reads like a five-year plan with lots of targets but no road map, The Indian Express is now on Telegram. The Budget contains up-to-date estimates of tax revenues (and other data relating to revenue and expenditure). We’ve also risen to the new challenge of preparing for the UK to leave the EU. £576 million Regional centres - final regional centre secured, 0.52p There are … And what has not received emphasis in India, or elsewhere, is the likely economic fact that for developing countries tax compliance is the surest route to fiscal discipline. It funds our schools and hospitals, builds roads and infrastructure, makes us safe, protects our environment, supports our economy and helps to give everyone a stake in society. If tax collection now is Rs 528 tc (as per the revised estimates), that is an increase of Rs 68 tc made possible by the tax cut. This is an overview of our performance against our objectives in 2018 to 2019. And temporary revenue increases for fiscal year 2019 combined with a slowing economy suggests revenue growth in fiscal 2020 may be weaker still. Delhi airport’s T2 to resume operations from October 1, PM Modi has used COVID crisis to reorient India towards reform, long awaited destiny, Separating fact from economic fiction: Growth slowed beyond expectations starting late 2018, The RBI and government must do whatever it takes to end the demand slump, Statutory provisions on reporting (sexual offenses). In an article (‘Tax policy — maximise, not moralise’, IE, July 13, 2019), we said, “The only real growth option for Indian policy makers — cut (corporate) tax rates to internationally competitive levels. Click here to join our channel (@indianexpress) and stay updated with the latest headlines. There were two primary reasons: First, states moved aggressively in the wake of the US Supreme Court’s Wayfair decision that allowed them to require remote retailers to collect sales taxes on purchases by buyers inside the state.