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
Latest Expert Exchange
Direct Tax »
 Three reasons to file income tax returns on time
  New direct tax code may have to wait until 2019
 Direct tax collection grows fastest in 7 years in FY18, courtesy GST; here’s how indirect tax reform helps
 Income Tax: Deadline for filing belated ITR of Assessment Year 17-18 is over
 Income Tax department cautions TDS deductors, says file statements by May 31 or pay penalty
 ITR-4 launched on e-filing portal; total 3 ITRs available now
 CBDT directs income tax department to hold grievance redressal fortnight for taxpayers in June
 Income tax return form-2 in Java format released for e-filing for FY2017-18
 3 ITRs available now ITR-4 launched on e-filing portal
 Businesses, small taxpayers to gain from new direct tax code
 New direct tax code to benefit corporates, income tax payers

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 2018 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