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: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TDS :: VAT Audit :: ACCOUNTING STANDARD :: empanelment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« Indirect Tax »
 Grey areas remain for foreign investors on tax issues
 GST: New indirect tax regime to remove inter-state barriers, stimulate exports, says Nirmala Sitharaman
 Cabinet Approves 4 GST Supplementary Bills
 GST Council approves all five draft bills ahead of new indirect tax regime
 CAG questions income tax deparment’s ability to probe shell companies
 Income from MF investments must be shown in income tax returns
 Indirect tax higher than direct tax revenues in April-Feb
 Many foreign investors reach out to tax experts about indirect transfer of shares provisions
 How changes in capital gains norms impact your portfolio
 It's time to really pull up India's out-of-control banks
 Quest to widen direct tax net

Indirect tax mop-up may overshoot target by Rs 15,000 crore
October, 27th 2010

The finance ministry expects to overshoot its indirect tax collection target by Rs 15,000 crore. For 2010-11, the government had set an indirect tax collection target of Rs 315,000 crore.

We may exceed our original targetIt (indirect tax mop-up) could be around Rs 330,000 crore this year, V Sridhar, chairman of Central Board of Excise and Customs, told Business Standard.

He said the growth would be driven by a good show seen in excise and customs collections, which are likely to exceed the budgetary target of Rs 132,000 crore and Rs 115,000 crore, respectively. Service tax collections, on the other hand, may just meet the target of Rs 68,000 crore.

Sridhar said excise and customs collections increased mainly on account of partial rollback of the excise duty and increase in duty on petroleum, while there was no duty rollback in case of services. He said the impact of taxation on eight new services, introduced with effect from July 1, would be seen in collections in the coming months.

In its Budget in February, the government had restored the basic duty of five per cent on crude petroleum, 7.5 per cent on diesel and petrol, and 10 per cent on other refined products. It had also enhanced the excise duty on petrol and diesel by Re 1 per litre.

In 2009-10, the government had to revise its budgetary target of indirect tax receipts to Rs 244,447 crore from Rs 268,000 crore. The revenue department managed to mop about Rs 2,000 crore more at Rs 246,000 crore.

The government has budgeted an overall tax mop-up of Rs 746,000 crore for 2010-11. Indirect tax collections increased 44.4 per cent to Rs 150,686 crore in first six months of this financial year. The mop-up was 48.1 per cent of the indirect tax Budget Estimates for 2010-11.

Direct tax collections, on the other hand, increased 19.09 per cent to Rs 181,758 crore in the first half of this year, against Rs 152,625 crore in the corresponding period last year. The mop-up was 42.27 per cent of the budgetary target of Rs 430,000 crore for 2010-11.

Finance Minister Pranab Mukherjee said gross tax revenue had so far grown by 27.3 per cent, compared to an 11.6 per cent fall last year and 17.9 per cent growth estimated for 2010-11.

Total revenue receipt increased 85 per cent, mainly on account of telecom spectrum auctions and robust growth in excise and customs duty receipts of 43 per cent and 60 per cent, respectively. Total expenditure grew 30.4 per cent, as against 22.8 per cent last year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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