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: Central Excise rule to resale the machines to a new company :: TDS :: VAT RATES :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: due date for vat payment
News Headlines »
 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
 5 income tax changes which will come into effect from April 1, 2018

Save trees, file your returns online
November, 09th 2006

The e-filing initiative for payment of corporate taxes by Indian firms has a positive environment spin-off, as per a World Bank-PriceWaterhouseCoopers study.

The study says paper tax returns filed by businesses in 175 countries gobble up 100,000 trees a year. On an average, companies file 35 pages of returns globally. Even in economies like the US, an average firm files 64 pages of tax data. In India, the number of pages with annexures usually cross 30.

But beyond the environment issue, the study says the tax reform agenda of governments should go beyond changing corporate tax rates. For instance, it says Indian companies pay almost 81% of their commercial profits as taxes. Of this, the share of corporate tax is only 14.3%.

The corresponding figure of taxes paid as percentage of commercial profits is 77% in China, but only 31% in Korea, 38% in South Africa, 72 % in Brazil and 45% in the US. Other than the BRIC countries, the percentages are 54% in Russia, 53% for Japan and only 29% in Singapore. The joint study adds the shift in taxation from direct taxes to a VAT and GST regime by many countries needs to be planned. It says in this model, business becomes the governments unpaid tax collector.

This increases the compliance cost for business. The report says, Compliance costs and profit-loss account impacts have been growing jointly with the expansion of VAT and GST, as countries are using these as a tax-raising measure on business. It concludes that these are, therefore, not tax- neutral, especially as there are no global norms for taxes.

Also, a rise in VAT would need a cut-back in income tax, to maintain the purchasing power of individuals. Besides, there could be a one-off rise in inflation.

The study is an accompaniment to the Doing Business Report, recently released by IFC. The study also shows it takes a company in India 264 hours a year to comply with tax legislation. The process takes 325 hours in the US and 105 hours in the UK. China ranks much below India in terms of time required to comply with tax legislation, at 872 hours.

In countries like the UAE, it is 12 hours and in Singapore, 30 hours. In contrast, it takes more than 2,000 hours at places like Brazil, Taiwan or Ukraine.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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