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: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: list of goods taxed at 4% :: empanelment :: VAT RATES :: VAT Audit :: articles on VAT and GST in India :: TDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment
 
 
« Service Tax »
 GST on a knife-edge as states act tough
 Parliament Winter Session: Govt keen on proper discussion on GST Bills
 Service Tax revision to make digital content expensive: Here’s how it will impact you
 GST Council may reduce tax slabs in future: CBEC chief
 Govt to waive service tax on card transactions up to Rs 2,000
 Recovery Of Tax Under Model Gst Law
 Income Tax officials hunt for Mumbai’s ‘ghost’ assessee
 GST delay to impact Budget
 If GST not rolled out by Sept, there won't be taxation in country, warns Jaitley
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today

Large Taxpayer Unit may fall short of target by Rs. 600 crore
October, 10th 2011

The Large Taxpayer Unit (LTU), Chennai, is likely to fall short of its central excise revenue target for the current fiscal by Rs.600 crore, while it might surpass in the case of service tax, according to Naresh Penumaka, its Commissioner.

While hiking the diesel prices by Rs.3 a litre on June 25, the Centre also announced a cut in central excise duty on diesel from Rs.4.60 a litre to Rs.2 a litre. This, it said, would result in an overall deficit of Rs.1,000 crore for 2011-12.

Target
In the first six months of the current year, LTU Chennai has collected about Rs.2,658 crore through central excise and Rs.617 crore through service tax. The six-month target for central excise was Rs.2,801 crore against Rs.2,412 crore in the corresponding period last year. The service tax collection target was Rs.548 crore against Rs.515 crore last year.

Talking to The Hindu here on Sunday, he said, The central excise target for the entire year has been fixed at Rs.6,222 crore. We might lose about Rs.1,000 crore due to cut in central excise duty on diesel. However, we will recover about Rs.400 crore through new levies such as clean cess and one per cent duty on lignite, resulting in a shortfall of Rs.600 crore.

The LTU might still end the year with an overall collection of Rs.5,600 crore and this would be slightly higher than the previous year collection of Rs.5,561 crore, he observed.

On service tax, he said the unit was confident of achieving the target of Rs.1,390 crore. Last year's collection stood at Rs.1,073 crore.

In terms of income tax, LTU Chennai has been given a target of Rs.5,100 crore for 2011-12 against Rs.4,372 crore for the corresponding period last year.

The income tax collection from LTU last year was around Rs.5,000 crore, but the final sum was put at Rs.3,841 crore after deducting tax refunds.

In the first six months of the current year, we have collected around Rs.1,900 crore. Though it might sound small, we are confident of achieving the target, another official said.

Established on December 1, 2007, LTU Chennai acts as a single window facilitation centre for all large entities paying excise duty, corporate tax/income tax and service tax.

It caters to 45 large taxpayers with more than 200 manufacturing units across the country and 400 service tax registrations having a combined turnover of Rs.50,000 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 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