Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: due date for vat payment :: TDS :: list of goods taxed at 4% :: VAT RATES :: empanelment :: articles on VAT and GST in India :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 Haryana tax department turns lens on shell companies
 CBDT denies data inconsistency over new taxpayers after note ban
 No inconsistency in number of tax payers: CBDT
 India will benefit from growing tax revenue in FY2018
 I-T plans to pursue property-holders who have never filed income tax returns
 Direct Tax Collections up to July, 2017 show Growth
 How True is CBDT’s Claim of Record New Tax Filers?
 Five Questions for Republican Tax Reformers
 CBDT signs nine UAPAs with Indian taxpayers
 Made a mistake in your tax return? Here's how to correct it
 6 ways to verify your income tax return

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