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: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARD :: cpt :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TDS :: VAT Audit :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India
 
 
Direct Tax »
  CBDT to waive interest if tax demand paid in retro cases
 No relief to those who defaulted on 1st IDS installment: CBDT
 6 tax tasks you should finish by March 31
 CBDT to waive interest if tax demand paid in retro cases
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers

Tax mop-up shortfall may touch Rs 75,000cr
December, 12th 2012

The government is likely to fall short of more than Rs 75,000 crore in tax mop-up from direct and indirect taxes in the current fiscal.

With direct tax collection figures released for April-November 2012 on Tuesday, revenue department officials fear the shortfall is likely to be upwards of Rs 30,000 crore for the current fiscal.

The slowdown in industrial output had its impact on corporate tax where collection showed a paltry growth of 3% in the eight months to November. Gross direct tax collection growth too was not very encouraging as it went up by a mere 7% in the April-November period against an average of 15% required to meet the budget target of Rs 5.70 lakh crore for 2012-13.

The situation is not very rosy on the indirect tax front either. Against an average growth of 27% required to meet the budget estimate of Rs 5.07 lakh crore, indirect taxes rose at an average of 15% so far. The shortfall estimated could exceed Rs 45,000 crore unless the government goes in for some mid-course tax rejig.

Gross direct tax collection during the April-November stood at Rs 3.25 lakh crore, up from Rs 3.04 lakh crore in the corresponding period last year. Corporate tax collection during the period grew by 3% at Rs 2.1 lakh crore against Rs 2 lakh crore in the year-ago period.

Personal income tax collection, however, was up by 15% at Rs 1.2 lakh crore in the April-November period. It was Rs 1 lakh crore in the same period last year. Wealth tax collection recorded a growth of 27% at Rs 619 crore, against Rs 487 crore in same period last year.

Concerned by the sluggish growth, revenue secretary Sumit Bose in an unusual press statement on Monday had issued a stern warning to individuals and corporates who refuse to pay tax despite large expenditure made through credit cards, in buying securities and property and through deposits in savings banks.

He said the government was in possession of information that though only 14.62 lakh individuals and corporates had disclosed taxable annual income above Rs 10 lakh for assessment year (AY) 2012-13, nearly 34 lakh persons made cash deposits aggregating Rs 10 lakh or more in savings bank accounts and 16 lakh made payments of Rs 2 lakh or more against their credit cards in the same year. "Any fair minded person will agree that this is a gross under-statement," Bose had said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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