Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: TDS :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: cpt :: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT Audit
 
 
Indirect Tax »
 Indirect taxes collection could fall short of target due to GST
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory

Indirect tax receipts post negative growth in festive season
October, 17th 2008

In what seems to be an indication of the slackening of economic activities, indirect tax collections (excluding service tax) grew by a mere 9.8% to Rs 1,13,279 crore in the first half of the fiscal. In fact the pace of growth was even lower in the month of September, at 6.9% and the government mopped up Rs 19,421 crore.

Excise duty collections dipped to a negative of 3.8% to Rs 9,800 crore in September this year, down from Rs 10,186 crore in September last year, according to official figures released on Thursday.

Although collections from the tax on manufacturing have been lower than the budgeted 9.3%, this is the first time that it has posted a negative growth. Incidentally even when industrial growth was down at 1.3% in August, excise collection continued to register a positive growth of 1.2%.

Excise duty collections up till September grew by a mere 2.3% to Rs 55,923 crore, signalling that reaching the budget estimate of Rs 1,36,610 crore from the tax in 2008-09 will be an uphill task.

While experts say there is not a direct correlation between excise duty collections and industrial production, it does point towards a slowdown. Economist Bibek Debroy said, The figures are not completely unexpected given that the slowdown in economic activities pre-dated the Wall Street crisis.

The Prime Ministers Economic Advisory Council expects GDP growth to moderate to 7.7% in 2008-09 from 9% last fiscal due to a slowdown in agriculture and industry as well as external factors.

The tax department had been hopeful that collections would improve in the festival season beginning September, but the low collections indicate that this is not the case.

Meanwhile custom duty collections in the first half of this fiscal registered a healthy growth of 18.3% to Rs 57,356 crore, as compared to Rs 48,480 crore in the same period last fiscal. In the month of September, collections from the duty one exports and imports was even higher at Rs 9,621 crore, up 20.6% from the Rs 7,975 crore netted in September 2007. Officials said the spurt is largely due to the weakening rupee which has made imports more expensive.

Surprisingly, service tax collections in the month of August grew by a mere 13.1% to Rs 3,702 crore, partially higher than the Rs 3,273 crore collected in the same month last fiscal. The total service tax collection for the April-August period too
has lowered and posted a growth of 25.9% to Rs 23,051 crore as compared to Rs 18,316 to the corresponding period in the last fiscal

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions