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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: empanelment :: form 3cd :: cpt :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
« Indirect Tax »
 Income-tax (16th Amendment) Rules, 2017
 TDS, TCS deferred for smooth GST rollout
 GST may lead to better operating profit margin for multiplex operators
 Indirect taxes must equal direct taxes
  Income Tax dept issues notices to ‘farmers’ claiming suspect agricultural income
 GST would match or be lower than the multiple indirect taxes on real estate
 Tax incidence under GST lower than current indirect taxes
 Here's the complete list of pre-GST discounts being offered by companies
 Applicability of Explanation 2 to Section 132B of the I.T. Act, 1961- reg.
 Here’s all you need to know about TDS and why it is deducted
 New indirect tax regime

Indirect tax figures, exports pick-up point
December, 24th 2009

Putting greater pressure on its delicately balanced books, the Centres indirect tax collection is unlikely to match the Budget estimate of Rs 2,69,477 crore for 2009-10. Indirect tax collections may fall short by Rs 20,000 crore to Rs 22,000 crore of the Budget estimate, revenue secretary PV Bhide said on Wednesday.

Indirect tax receipts, comprising customs duty, excise duty and service tax, have shrunk by 21% in the first seven months of the fiscal, totting up just Rs 1.26 lakh crore compared with Rs 1.61 lakh crore in the same period last year. While part of this shortfall is due to the slowdown, some of it is because of the duty cuts announced as part of stimulus.

The issue was also highlighted by finance secretary Ashok Chawla on Tuesday when he said, It is very unlikely that the estimates on the indirect tax will be met, but on the direct taxes front, we are maintaining that it will be more than met. As per its Budget estimates (BE), the government aims to earn Rs 6.4 lakh crore from both direct and indirect taxes during the current fiscal.

A lower-than-estimated collection from indirect tax receipts put more pressure on the Centres fiscal deficit, which is projected at 6.8% of the GDP in 2009-10. Direct tax receipts and higher expenditure on heads like oil subsidy is already proving to be a threat to the deficit target. Already, the fiscal deficit at 61.1% of the BE by October end is straining government finances.

While the Central Board of Direct Taxes is hopeful of meeting the BE of Rs 3,70,000 crore for 2009-10 of direct taxes, it is worried that the internal target of Rs 4 lakh crore set up by finance minister Pranab Mukherjee may be unachievable. The Centre is also exploring how and when to compensate oil companies for under recoveries without hurting the deficit.

Though it has not made any provision for this in the first supplementary demand for grants, it will have to do so in the second supplementary Budget, expected to be tabled in the Budget session.

Speaking at an Assocham seminar on Wednesday, PV Bhide said the finance ministry is finalising the road map for the goods and services tax (GST). The draft legislation on GST has been referred to legal experts and would be finalised shortly to enable the government achieve target of implementation of goods and service.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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