Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT RATES :: cpt :: VAT Audit :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

Government is reforming both direct and indirect tax: Dr. Singh
October, 25th 2010

Committing to carry out reforms to facilitate higher investment flows, Prime Minister Manmohan Singh on Monday expressed hope that the Indian economy will revert to high growth path of nine per cent from next fiscal and even achieve double digit expansion in coming years.

It is my expectation that we will return to a 9 per cent growth path in 2011-12. I am confident that the strong fundamentals of the Indian economy will enable us to achieve our objective of double digit (growth) in the coming years, Dr. Singh said at business luncheon hosted by Nippon Keidanren.

He, however, admitted that there are challenges to recording such a high economic growth.

I do not underestimate the many challenges we face in achieving such high levels of growth, the Prime Minister said.

Dr. Singh said his government is reforming both direct and indirect tax system. Besides, reforms in financial sector, capital markets, education, and skill development are being carried out to create favourable climate for investment.

We are determined to continue the process of economic reforms that will create a favourable investment environment and facilitate higher investment flows, he said.

The Prime Minister hoped that there would be robust rebound in Indo-Japan trade and pegged it at over 20 billion dollars by 2012 from 10.3 billion dollars in 2009-10.

Dr. Singh said the current trade between the two countries is low as well as unbalanced. India had trade deficit of over $3 billion during 2009-10 with Japan.

On specific reforms, Dr. Singh said, We are continuing the process of reforms of both direct and indirect taxes and hope to unify in due course all indirect taxes into a single Goods and Services Tax (GST). We are pursuing reforms in the financial sector, capital markets, higher education and skill development.

Though global financial crisis did not have direct impact on Indian economy, its ripple impact slowed the growth to 6.7 per cent during 2008-09 against nine per cent in the previous three years.

The stimulus given by the government through cut in taxes and stepped up expenditure pushed up the growth to 7.4 per cent during 2009-10.

The growth further rose to 8.8 per cent in the first quarter of this fiscal. The Government has pegged the growth at 8.5 per cent this fiscal.

Efforts are on by the Centre to introduce GST from sometime next fiscal. In this connection, state finance ministers will meet Union finance ministry officials in Goa later this week.

The Government has also tabled Direct Taxes Code Bill in Parliament to replace the archaic Income Tax Act from April one, 2012.

Bills to reform pension system as well as private banking space are also being contemplated.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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