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: cpt :: Central Excise rule to resale the machines to a new company :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: TDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: due date for vat payment
 
 
Direct Tax »
  CBDT to waive interest if tax demand paid in retro cases
 No relief to those who defaulted on 1st IDS installment: CBDT
 6 tax tasks you should finish by March 31
 CBDT to waive interest if tax demand paid in retro cases
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers

Direct tax kitty growth falls below 30%
November, 07th 2008

The slowdown in net direct tax collection has begun to hurt with figures released for April-October showing the rate of growth dipping below 30%. Net direct tax collections during the first seven months of the fiscal, up to October 2008, stood at Rs 166,905 crore, registering a growth of 29.52% as against 43% recorded during same period last year.

Fears are being expressed of a shortfall in the projected tax collection of Rs 4 lakh crore this fiscal. The budget estimate of Rs 3.65 lakh was revised upwards following booming economic trends in the beginning of this year.

However, the global meltdown also had its impact on the direct tax collection with the real estate, infrastructure, cement, automobile, power, textile and downstream oil companies facing the maximum heat. The advance tax collection from these sectors had the greatest fall. Positive growth was shown in mining, mineral, metal, engineering, Indian banking, telecom, IT, pharma and consumer goods sectors.

According to finance ministry figures released on Thursday, corporate taxes grew by 33.49% to Rs 105,174 crore from Rs 78,785 crore last year, while personal tax, including FBT, STT and BCTT, grew at 23.14% to Rs 61,433 crore.

The erosion in share values had a direct impact on revenue with the collection registering a negative growth for the first time. Continued hammering of stocks in the bourses hit the collection of Security Transaction Tax (STT) which was lowest in the last three years ever since it was introduced in 2005.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

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