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 :: TDS :: VAT RATES :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT Audit :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: cpt :: due date for vat payment :: ACCOUNTING STANDARDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 New direct tax law coming
 Government sets up a panel to draft new direct tax law
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED

FinMin mulls extension of tax cuts for auto sector
December, 29th 2014

The Union finance ministry might extend the excise duty cuts granted to the automobile sector beyond their expiry date of December 31, as the sector faces slowing sales.

“It is under consideration,” minister of state for finance Jayant Sinha said on the sidelines of an event here, to a query in this regard. His senior, Arun Jaitley, has already said, “Let’s wait till December 31.”

Jaitley’s predecessor, P Chidambaram, had announced these cuts in the interim Budget presented to the Parliament in February. The former finance minister had lowered the excise duty on small cars, motorcycles, scooters and commercial vehicles to eight per cent, from 12 per cent. The duty on sports utility vehicles had been cut to 24 per cent from 30 per cent, on mid-size cars to 20 per cent from 24 per cent and on large cars to 24 per cent from 27 per cent.

HELPING HAND

P Chidambaram had announced these cuts in the interim Budget presented to Parliament in February
Arun Jaitley had extended these in June by six months, before he presented his Budget in July
The aim was to boost the manufacturing sector and larger economic growth, which had fallen to below five per cent in 2012-13 and 2013-14
Manufacturing production data showed a five-year low of a little over seven per cent in October

The levy was also reduced from 12 per cent to 10 per cent on capital goods and some consumer goods. Jaitley had extended these cuts in June by six months, even before he presented his Budget in July.

The aim was to boost the manufacturing sector and larger economic growth, which had reduced to below five per cent in 2012-13 and 2013-14.

However, manufacturing production data showed a five-year low of a little over seven per cent in October.

Car sales had declined for a second month in a row, year on year, by 2.6 per cent to 159,000 units in October, despite the festival season, according to the Society of Indian Automobile Manufacturers (Siam). Motorcycle sales were down 8.7 per cent to 10,08,761 units in October.

In November, however, there was a rise in car sales. These increased 9.5 per cent to 156,000 units in the month on the yearly basis. However, motorcycles’ decline continued, sales falling three per cent to 853,000 units from 880,078 a year earlier, said Siam. Various trade bodies and industry chambers had approached the finance ministry to extend duty cuts on the automobile sector. The Confederation of Indian Industry asked the ministry to extend these till March 31, 2015.

Meanwhile, the finance ministry said tax collections, both direct and indirect, were improving. On expenditure control, it said it was looking at many options.

Sinha said, “We are very confident that we will be able to achieve the fiscal deficit target of 4.1 per cent (of gross domestic product) in the current financial year.”

Revenue Secretary Shaktikanta Das said his department was trying its best to achieve the tax targets, holding regular review meetings with officers.

Direct tax collections rose 5.7 per cent to Rs 3.29 lakh-crore during April-November, over the same period a year before. Indirect tax collections in the period were Rs 3.28 lakh-crore, up 7.1 per cent from a year before.

The finance ministry’s mid-year economic analysis had estimated a tax shortfall of Rs 1.05 lakh-crore, due to over-estimation in growth of nominal gross domestic product and tax buoyancy.

Sinha said the yet-to-come-recommendations of the 7th pay commissions would be factored in the next Budget.

He said India’s tax to GDP ratio is 15.5 per cent, while the OECD average is over 30 per cent.

On unaccounted money via participatory notes, the MoS, said the know-your-customer norms for these instruments have been significantly strengthened. “(We are) not worried about P-notes as a way of bringing black money,” he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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