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: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: empanelment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: cpt :: VAT Audit :: VAT RATES :: Central Excise rule to resale the machines to a new company
 
 
« Service Tax »
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.
 Facility of LUT extended to all exporters / registered persons subject to conditions
 GST implementation – Hasty turns out nasty
 What is Goods and Services Tax Network (GSTN)?
 Best tax saving mutual funds or ELSS to invest in 2017
 GST: Centre, states to divide taxpayer base
 A 5-Point Guide For Buyers To Understand The Effect Of GST On Real Estate
 Stalled unsorted diamond imports to resume after GST rate revision
 TDS, TCS deductors can apply for GST registration from 18 September

Centres non-tax revenue surges in first half on economic services
December, 09th 2015

The government’s revenue increased by 22.8 per cent to Rs.5.13 lakh crore in the first six months of this financial year compared with Rs.4.17 lakh crore in the same period of the previous 12 months, with non-tax revenue growing by a whopping 51 per cent.

Tax revenue in the six-month period grew by 14 per cent, according to official data on the government’s finances for the quarter ended September 2015, released on Tuesday.

The huge increase in non-tax revenue to Rs 1,43,633 crore from Rs.94,704 crore can mostly be attributed to the ‘Economic Services’ component of the ‘Other Non-Tax Revenue’ segment.

These ‘economic services’ contributed almost 35 per cent of the government’s non-tax revenue in April-September 2015 compared with just 18 per cent in April-September 2014.

“One large component of this economic services segment is revenue earned through the energy sector, due to the auctions taking place there, and another is the revenue the government is earning in stages from the telecom auctions conducted last year,” Madan Sabnavis, Chief Economist, Care Ratings, told The Hindu.

Another area contributing to the increase in non-tax revenue is the dividends and profits accruing to the government, especially what was transferred from the Reserve Bank of India (RBI) to the government, according to Mr. Sabnavis.

Over the last two years, the RBI balance sheets show that it has transferred 99.99 per cent of its profits to the government — this amounted to almost Rs.66,000 crore in 2014-15.

The increase in tax revenue can mostly be explained by the fact that indirect tax collections in the form of customs, excise and service tax have increased significantly due to revenue-generating measures taken by the government over the last year such as increasing the excise duty on petrol, diesel and tobacco, and increasing the service tax rate.

Another likely factor contributing to tax revenue in the first two quarters of the financial year is the advance tax filed by corporates, according to Mr. Sabnavis.

“Tax revenue is up also because advance tax filings by corporates have also gone up. This usually happens in the first two quarters. Companies project their performance over the year and so pay advance tax on that basis. The third quarter should see a correction when these companies have a better idea of their likely performance in the year,” he said.

Net market borrowings
The government data also shows that net market borrowings during the first half of this financial year were at Rs.2.14 lakh crore, which works out to 46.9 per cent of the budgeted amount for the entire year, lower than the 56 per cent of the budgetary expectations achieved by September in the previous period.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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