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: TDS :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: 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
 
 
News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

`Tax rates not to be raised'
November, 27th 2006

The Government is unlikely to go in for any hike in direct or indirect tax rates in the forthcoming Budget, but may initiate steps to widen the tax base by rationalising the tax exemptions.

"I do not think raising tax rates for resource mobilisation is an option anymore. We are not going to raise it. We will have to look at systemic changes in the machinery for enlarging tax base. Tax exemptions have to be rationalised and business process restructuring have to be carried out in the tax system," Mr K.M. Chandrasekhar, Revenue Secretary, said at the India Economic Summit here on Sunday.

Recommendations

He later told newspersons that Indian Council for Research on International Economic Relations and the National Institute of Public Finance and Policy have been asked to study the cost-benefits of various direct and indirect tax exemptions and come up with recommendations.

Mr Chandrasekhar hinted that there might be some lowering of indirect tax rates in the forthcoming Budget. The Revenue Secretary also highlighted that the share of indirect taxes in the overall revenues have come down from 35 per cent in 1990 to 17 per cent in 2006. However, the share of direct taxes in overall tax revenue of the Centre has grown from 19 per cent to 45 per cent during the same period.

He also said that the country's tax-GDP ratio was likely to touch 11 per cent this year as against a level of about 10.34 per cent in 2005-06 and 8.12 per cent in 2001-02.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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