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 :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: form 3cd :: ACCOUNTING STANDARD :: due date for vat payment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

Indirect tax collections record 16.8% increase in April-Nov
December, 14th 2011

The Centre's indirect tax collections continue to show a robust growth despite a big revenue sacrifice since late June this year due to significant duty reduction in crude and petroleum products.

Total indirect tax receipts have registered 16.8 per cent increase in April-November this year to Rs 2,52,544 crore (Rs 2,16,164 crore), official data released today by the Central Board of Excise and Customs (CBEC) showed.

This collection performance has come despite the Centre sacrificing revenues of close to Rs 4,000 crore (both excise and customs) a month since July on account of changes in duty structure for petroleum products, the CBEC Chairman, Mr S.K. Goyal, said here today.

Ideally all three taxes excise, customs and service tax should be taken together before coming to a view. I think the overall collection performance is good and we are hopeful of achieving the targets for 2011-12, Mr Goyal said.

This collection performance should be viewed against recent sluggishness in industrial sector, slowdown in the world economy and factors such as continued monetary tightening to fight inflation, say economy watchers.

Till end November this fiscal, the Centre's indirect tax collections accounted for 63.04 per cent of Budget estimate for 2011-12. Last fiscal, at the same stage, the collections accounted for 62.88 per cent, Mr Goyal said.

For the period April-November 2011, the customs duty collections grew about 15.2 per cent to Rs 1,00,062 crore (Rs 86,883 crore). Excise duty collections grew 9.3 per cent to Rs 94,441 crore (Rs 86,379 crore). Service tax collections have registered 35 per cent increase to Rs 58,041 crore (Rs 42,901 crore).

However, decline in excise duty collections in November 2011 is a matter of concern and an analysis of what led to this decline would be done in the coming days, Mr Goyal said. He also pointed out that excise collections are done on clearances and not on production.

There may be instances where inventory is just built up by companies so that they could realise better selling prices when demand goes up, he noted. Even in September 2011, there was a decline in excise duty collections.

The Centre is comfortably placed to achieve the revised indirect tax collection target of little over Rs 4 lakh crore, say senior Finance Ministry officials. Their optimism stems from the fact that December and March are usually months when there is a big jump in indirect tax collections.

Usually in December and March, we get at least 50 per cent more than the average monthly collections. If this trend were to continue this fiscal, achieving indirect tax collection target should be a comfortable task even after the revenue sacrifice on petroleum products, official sources said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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