MM TAX CLUB

The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as on 17.03.2024) show that Net collections are at Rs. 18,90,259 crore, compared to Rs. 15,76,776 crore in the corresponding period of the preceding Financial Year (i.e. FY 2022-23), representing an increase of 19.88%.

The Net Direct Tax collection of Rs. 18,90,259 crore (as on 17.03.2024) includes Corporation Tax (CIT) at Rs. 9,14,469 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 9,72,224 crore (net of refund).

The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs. 22,27,067 crore compared to Rs. 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY 2022-23.

The Gross collection of Rs. 22,27,067 crore includes Corporation Tax (CIT) at Rs. 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs. 9,11,534 crore; Tax Deducted at Source of Rs. 10,44,511 crore; Self-Assessment Tax of Rs. 1,73,296 crore; Regular Assessment Tax of Rs. 73,548 crore; and Tax under other minor heads of Rs. 24,177 crore.

Provisional figures of total Advance Tax collections for Financial Year 2023-24 (as on 17.03.2024) stand at Rs. 9,11,534 crore, against Advance Tax collections of Rs. 7,45,246 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY 2022-23), showing a growth of 22.31%. The Advance Tax collection of Rs. 9,11,534 crore comprises Corporation Tax (CIT) at Rs. 6,72,899 crore and Personal Income Tax (PIT) at Rs. 2,38,628 crore.

Refunds amounting to Rs. 3,36,808 crore have also been issued in the FY 2023-24 till 17.03.2024, as compared to refunds of Rs. 2,98,758 crore issued in FY 2022-23, marking an increase of 12.74% over the refunds issued during the same period in the preceding year.

The CBIC issued Instruction No. 05/2024-Customs dated March 14, 2024 regarding the prohibition for import of ferocious breeds of dog.

Reference is invited to OM F.No. L-11010(1)/251/2021-Trade (E-20671) dated March 12, 2024 received from DC (Trade), Deptt. of Animal Husbandry and Dairying (DAHD) enclosing therein D.O. letter No. D.O. V-11/1/2024-Anlm-Dadf dated March 12, 2024 of the Joint Secretary, Deptt. of Animal Husbandry and Dairying, Ministry of Fisheries, Animal Husbandry and Dairying on the subject matter. (copies enclosed).

It has been informed that following breeds of dogs have been identified as ferocious which are dangerous for human life and shall be prohibited for import, breeding, selling as pet dogs and other purposes :

“breeds (including mixed and cross breeds) like Pitbull Terrier, Tosa Inu,, American Staffordshire Terrier, Fila Brasileiro. Dogo Argentino, American Bulldog, Boerboel, Kangal, Central Asian Shepherd Dog (ovcharka), Caucasian Shepherd Dog (ovcharka), South Russian Shepherd Dog (ovcharka), Tornjak, Sarplaninac, Japanese Tosa and Akita, Mastiffs (boerbulls), Rottweiler, Terriers, Rhodesian Ridgeback, Wolf dogs, Canario, Akbash dog, Moscow Guard dog, Cane corso and every dog of the type commonly known as a Ban Dog (or Bandog)”

It is requested that necessary action may be taken to sensitize officers under your jurisdiction with respect to ban on import of above breeds of dogs.

Notification No. 19/2024-Customs dated 15th March, 2024

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section 3 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 785(E), dated the 30th June, 2017, namely:-

In the said notification,

(1) in the Table, for S. No. 526A and the entries relating thereto, the following S. No. and entries shall be substituted, namely: -

(2) in the Annexure, after condition number 116 and the entry relating thereto, the following condition number and entry shall be inserted, namely: -

F. No. PD-13004/01/2019-COFEPOSA] dated 15th March, 2024

In exercise of the powers conferred by clause (a) of Section 8 of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (52 of 1974) and in supersession of the Notifications of the Government of India, in the Ministry of Finance (Department of Revenue) G.S.R. No. 136 (E) dated 27th February, 2023 except as respects things done or omitted to be done before such supersession, the Central Government hereby reconstitutes an Advisory Board for a period of one year, consisting of :-

(i) Hon’ble Mr. Justice Vibhu Bakhru - Chairperson

(ii) Hon’ble Mr. Justice Manoj Kumar Ohri - Member

(iii) Hon’ble Mr. Justice Dharmesh Sharma - Member

2. This notification shall come into force with effect from 23rd March, 2024