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: empanelment :: form 3cd :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT RATES :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?
 Investors cheer retailers facing lower tax rates

Difficult to meet tax targets on subdued profits
December, 18th 2012

The government today said it would be difficult to achieve the corporate tax, customs and excise mop-up target as projected in the Budget because of subdued corporate profits.

"On the tax revenue side, the trend growth in the mid- year is lower than estimated... The reason for under achieving target is due to macroeconomic environment being under stress," Chief Economic Advisor Raghuram Rajan said.

"While the targets may be achieved in taxes on income, other than corporation tax and service tax, achieving targets in Corporation tax on the Direct tax side and Customs and Central Excise duty on the Indirect tax side is somewhat difficult given the trend so far," Rajan added.

He was briefing reporters on the Mid-Year Economic Analysis that was tabled in the Parliament today.

Rajan said, "The biggest source of our direct tax is corporate profits. Corporate profit earning is not growing at pace, it was growing in past..."

Net direct tax collection during the April-November period this fiscal grew 15.04 per cent to Rs 2,70,731 crore, with nearly three-fifth coming from the corporate sector.

The net corporate tax collection, stood at Rs 1,62,897 crore during the eight months ending November 2012.

Despite slowdown in the economic activity, the government has expressed confidence in meeting direct tax target of Rs 5.70 lakh crore for 2012-13. Direct taxes include income tax, corporate tax and wealth tax.

Indirect tax collection grew by 17 per cent to Rs 2.57 lakh crore in the April-October period, as against the annual growth target of 27 per cent.

The government in the current fiscal had proposed to collect from customs, excise and services tax Rs 5.05 lakh crore, an increase of 27 per cent over the realisation in the previous fiscal.

In the first seven months this fiscal, excise has yielded Rs 95,000 crore, while collection from customs and services tax worked out to be about Rs 92,000 crore and Rs 70,000 crore respectively.

The target for customs collection for 2012-13 was fixed at Rs 1.87 lakh crore, for excise - Rs 1.93 lakh crore and for service tax - Rs 1.24 lakh crore.

India's economic growth has declined to 5.4 per cent in the first-half of the current fiscal, from 7.3 per cent in the year-ago period.

The government today lowered the growth projection for the current financial year to 5.7-5.9 per cent from 7.6 per cent estimated earlier.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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