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: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TDS :: due date for vat payment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES
 
 
« General »
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits

Government plans to use Big Data, Analytics for tax collections: Infosys
November, 06th 2013

As government looks at ways to analyse huge amounts data available on corporate as well as individuals to increase tax collections by studying various parameters like spending patterns, IT companies expect strong growth in Big Data and Analytics business in the coming years.

"Government is planning to use Analytics to increase its revenue base," Infosys Vice President and India Business Head Raghu Cavale told PTI.

He said the country's tax-payer base is just about 3 crore and the number has been inching its way slowly for the last 5-10 years, which the government would like to see growing at a faster pace.

"The economy has been been expanding, which essentially means that the number of people coming in the tax rate should be more. But it is not so," Cavale added.

Big Data and Analytics businesses of IT firms aim at storing, sorting and analysing vast amounts of data across various fields -- finance, marketing, healthcare, utilities, climate and transaction records.

According to government data, the total tax payers in the country stood at about 3.24 crore during the 2011-12 fiscal.

"As a nation, we can put together all the data. If you travel abroad, buy expensive jewellery, we can check your digital footprints on online shopping and piece together a person's lifestyle and through that create a taxable database," Cavale said.

Citing an example, he said the government in Italy follows people's lifestyle, travel and spending pattern so as to track those who could be evading taxes.

"So can we use this data analytics to expand out taxable database. Our total direct taxes are only 9 per cent of our GDP, whereas it should be about 18 per cent, and you cannot raise it by taxing people who you have already taxed. You are going to use analytics," he added.

On government's use of IT for collecting and utilising income tax information, Cavale said: "We are discussing with the government many projects. Some have already been tendered, which we have won. Some other people are doing it. Government is very well aware of data warehousing and analytics. It is talking to us as well as other firms."

The Finance Ministry had collected Rs 4.73 lakh crore in indirect taxes during 2012-13. For the current fiscal, it has fixed the target of collecting Rs 5.65 lakh crore in indirect taxes, comprising customs, excise and service tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 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