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 :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT Audit :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: due date for vat payment
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

CBEC hopeful of hitting target
December, 06th 2011

The Central Board of Excise and Customs (CBEC), on Monday, expressed optimism over hitting the indirect tax collection target set for the current fiscal at slightly over Rs.4-lakh crore despite the perceived slowdown in industry.

Interacting with the media on the sidelines of an interactive session, organised by the Confederation of Indian Industry (CII) here, CBEC Chairman S. K. Goel not only exuded confidence over hitting the target but also felt that a slowdown in GDP (gross domestic product) growth to 7.5 per cent was not a matter of worry as an economic expansion of that level would be enough to take care of the targeted revenue during the fiscal year.

I am an optimist. For the year, I think we will able to achieve our target of Rs.4,00,635 crore No, I am not worried [over slowdown in overall growth]. I think 7.5 per cent GDP growth should take care of our targets, he said.

Indirect tax collections during the first seven months of 2011-12, though up by 18.5 per cent at Rs.2.21-lakh crore as compared to Rs.1.86-lakh crore in the like period of 2010-11, account for just 55.3 per cent of the budget estimate for the current fiscal year.

As for the draft paper on the issue of taxing services based on a negative list, Mr. Goel said that the CBEC was still getting feedback from the industry. We will analyse [the] feedbacks and the government will take [a] decision, he said.

Earlier, addressing the interactive session on Global uncertainty and India's international trade', the CBEC chief said that the prevailing global uncertainty presented an unique opportunity to India to strategise its future course of action for achieving the $300-billion export target.

PTI reports:

Net direct tax collections jumped 8.63 per cent to Rs.2.35 lakh crore during the first eight months of this fiscal. These stood at Rs.2.16 lakh crore in the same period of the previous fiscal. We have (thus) achieved 44 per cent of the budget estimate, a senior finance ministry official told PTI.

Gross direct tax collections for the April-November period registered a growth of 19.56 per cent at Rs.3.04 lakh crore against Rs.2.54 lakh crore in the same period of the previous fiscal.

The Income-tax Department provided refunds to the tune of Rs.68,669 crore during the period, as against Rs.37,640 crore in the corresponding period last year, the official said.

Gross corporate tax collection was up 19.61 per cent at Rs.1.99 lakh crore against Rs.1.66 lakh crore.

Gross personal income-tax collection was up 19.44 per cent at Rs.1.04 lakh crore and net personal income tax 14 per cent at Rs.88,567 crore, the official said. Net corporate income-tax in April-November was higher by 5.65 per cent, at Rs.1.46 lakh crore against Rs.1.38 lakh crore in the same period last year.

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 Vision

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