Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: list of goods taxed at 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: form 3cd :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
News Headlines »
 7 Tax-saving investments for the risk averse
 5 Tax tasks you should complete before March 31
 March 31 deadline nears: Check out these last-minute tax-saving investment options
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31

Chidambaram sees need to prune tax incentives
November, 11th 2006
To improve tax to GDP ratio

Tax incentives need to be pruned to achieve the targeted ratio as also to meet the target set by the FRBM Act.

The Finance Minister, Mr P. Chidambaram, has stressed the need to prune tax incentives to meet fiscal responsibility and budget management (FRBM) targets and increase tax to gross domestic product (GDP) ratio.

He was addressing the meeting of the consultative committee attached to the Finance Ministry here on Friday.

Mr Chidambaram highlighted that every tax concession is introduced with a specific purpose. He, however, felt that such concessions needed to be reviewed on a periodical basis with a goal to improve the fairness, transparency and efficiency of the tax system, meet the priorities of the government and eliminate inefficient and inappropriate tax expenditures.

The Finance Minister said that in order to achieve an equitable tax structure based on moderate rates and to generate adequate resources to fund spending on social and physical infrastructure, a close, hard look at the present system of exemptions in favour of particular sections of taxpayers is absolutely essential.

He pointed out that the country's tax to GDP ratio is one of the lowest in the world. Central Tax to GDP ratio, measured using central gross taxes, peaked at 10.6 per cent in 1987-88, and dropped sharply to 8.3 per cent in 1998-99. It has risen to 10.5 per cent in 2005-06; however, it is still low and needs to be improved.

The Draft Approach Paper to the 11th Five Year Plan assumes tax to GDP ratio of 13 per cent by 2011-12. As the opportunities for raising additional resources through new taxes or higher tax rates may be limited, tax incentives, therefore, need to be pruned to achieve the targeted ratio as also to meet the target set by the FRBM Act for elimination of revenue deficit.

This will help in increasing the tax base substantially and would also enable the Government to moderate the tax rates significantly and facilitate movement towards an integrated Goods and Services Tax by 2010.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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