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 STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: due date for vat payment :: cpt :: ACCOUNTING STANDARDS :: TDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES
« Indirect Tax »
  Indirect Tax collections up
 A GST rate that can unlock India’s potential
 Why India fared badly in World Bank’s Doing Business survey
 Income Tax dept to intensify anti-black money operations
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up

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 2016 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