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: ACCOUNTING STANDARDS :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: TDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: cpt
 
 
« News Headlines »
 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
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Direct taxes surpass indirect tax revenues
December, 26th 2007

For the first time, the Centres net direct tax collections have surpassed its indirect tax receipts, going by the latest tax revenue mobilisation data available with the revenue department.

Official sources said that the net direct tax collections have as on date in the current fiscal crossed the Rs 2 lakh-crore threshold. Direct tax collections have been registering hefty growth rates of over 40 per cent this fiscal, ramping up expectations that direct tax receipts would exceed indirect tax revenue some time during 2007-08.

Up to end-November this fiscal, customs and excise duty collections had cumulatively touched Rs 1,41,851 crore. Service tax collections up to October this year stood at Rs 25,420 crore. Even factoring in indirect tax receipts of about Rs 20,000-25,000 crore for December 2007, the overall collections would be lower than the Rs 2 lakh-crore mark achieved till date, say Finance Ministry officials.

According to analysts, direct tax collections exceeding indirect tax revenues is the hallmark of a progressive taxation system since indirect taxes like excise are paid by poorer sections of society on par with a higher income earning individual. In 1990-91, less than a fifth of the Centres gross tax revenues came from direct taxes. Now direct taxes account for almost 50 per cent of the Centres gross tax revenues.

Sources said that advance direct tax collections in the December 15 instalment has been quite strong and this had helped the total collections cross the Rs 2 lakh-crore mark. Only three private sector companies Tata Steel, Reliance Industries and ICICI Bank figure in the top ten advance tax payer league.

The top ten advance income tax payers in the country have cumulatively up to December 15 this year forked out 30 per cent more at Rs 22,196.7 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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