CBIC betting on technology and audit tools to widen tax base

The Central Board of Indirect Taxes and Customs (CBIC) is keen on widening tax base and improve compliance with the help of both technology and audit tools. The board is looking at simplification, integration and streamlining of processes for return filing and rectification to make compliance easier for taxpayers. It is also looking at enabling data analytics to identify patterns and gaps. The Union Budget 2023-24 has estimated collection from GST to increase by nearly 13 per cent to Rs.9.6 trillion in 2023-24 from the revised estimate of Rs.8.5 trillion in 2022-23.

References
1. https://www.financialexpress.com/economy/indirect-tax-board-keen-on-widening-taxpayer-base/2971087/
CMIE STATISTICS
Unemployment Rate (30-DAY MVG. AVG.)
Per cent
7.7 +0.8
Consumer Sentiments Index
Base September-December 2015
87.9 +0.2
Consumer Expectations Index
Base September-December 2015
88.0 +0.3
Current Economic Conditions Index
Base September-December 2015
87.8 0.0
Quarterly CapEx Aggregates
(Rs.trillion) Mar 22 Jun 22 Sep 22 Dec 22
New projects 9.01 5.29 4.50 6.84
Completed projects 1.34 1.17 1.39 1.69
Stalled projects 0.43 0.54 0.08 0.01
Revived projects 0.33 0.29 0.16 0.68
Implementation stalled projects 0.09 0.29 0.28 0.11
Updated on: 24 Mar 2023 9:28AM
Quarterly Financials of Listed Companies
(% change) Mar 22 Jun 22 Sep 22 Dec 22
All listed Companies
 Income 20.8 40.1 25.2 16.5
 Expenses 19.8 41.4 26.9 16.3
 Net profit 31.6 21.3 -1.2 6.6
 PAT margin (%) 8.8 7.2 7.6 8.4
 Count of Cos. 4,707 4,749 4,694 4,482
Non-financial Companies
 Income 24.8 50.1 27.8 14.9
 Expenses 25.7 52.9 31.2 15.5
 Net profit 10.1 8.4 -21.4 -8.9
 PAT margin (%) 7.6 5.7 5.5 6.0
 Net fixed assets 2.0 4.1
 Current assets 15.0 19.0
 Current liabilities 11.6 10.4
 Borrowings 3.6 12.4
 Reserves & surplus 11.2 6.8
 Count of Cos. 3,408 3,442 3,425 3,322
Numbers are net of P&E
Updated on: 24 Mar 2023 9:28AM
Annual Financials of All Companies
(% change) FY20 FY21 FY22
All Companies
 Income 0.6 -1.2 26.5
 Expenses 0.3 -3.5 25.4
 Net profit -2.9 74.2 63.3
 PAT margin (%) 2.1 4.5 6.8
 Assets 8.9 10.7 9.9
 Net worth 4.9 11.8 14.1
 RONW (%) 3.5 7.0 11.3
 Count of Cos. 32,238 31,091 16,811
Non-financial Companies
 Income -1.0 -2.3 30.7
 Expenses -0.8 -4.2 30.3
 Net profit -19.8 62.1 60.8
 PAT margin (%) 2.3 4.1 5.9
 Net fixed assets 11.5 2.5 2.4
 Net worth 2.2 10.4 14.6
 RONW (%) 4.8 7.7 12.4
 Debt / Equity (times) 1.1 1.0 0.8
 Interest cover (times) 1.9 2.5 3.9
 Net working capital cycle (days) 73 82 61
 Count of Cos. 25,483 24,401 13,909
Numbers are net of P&E
Updated on: 19 Mar 2023 11:50AM