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: TDS :: articles on VAT and GST in India :: VAT RATES :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: cpt :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit
 
 
Indirect Tax »
 Only genuine farm income must be exempt from tax’
 CBEC rechristened Central Board of Indirect Taxes and Customs
 Income tax department to challenge ITAT relief to Cairn Energy in HC
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target
 GST in last lap: What's in it for businesses, firms and most importantly, you?
 Indirect tax collection: All you want to know about stuck cases and rejected appeals
 Government achieves revised tax collection target

Indirect tax collections up 34% during Apr-Nov
December, 10th 2015

Indirect tax collections rose 34.3 per cent in the first eight months of 2015-16, led by high excise collections, signaling a pick-up in economic activity. A part of the collections was on account of additional revenue measures announced in the current year, data released by the ministry of finance on Wednesday showed.

Revenue on account of indirect tax stood at Rs 4.38 lakh crore in the April-November 2015 period from Rs 3.26 lakh crore in the year-ago period. Collections in the first eight months of FY16 were 67.8 per cent of the entire financial year's target. Indirect tax collection in November rose 24.3 per cent to Rs 55,297 crore.

The government's additional revenue measures including the excise rise on diesel and petrol, increase in clean energy cess, withdrawal of exemptions for motor vehicles, capital goods and consumer durables, and the increase in service tax from 12.36 to 14 per cent were attributed to the high collection.

The growth in indirect tax collections in the first six months including service tax, excise duty and customs are close to double the 19 per cent estimated in the Budget.

Bulk of the growth in indirect taxes came from excise duty collections, which grew 67.2 per cent during the period under consideration. Excise collections during April-November 2015 was Rs 1.7 lakh crore, against Rs 1.02 crore in the year-ago period.

In November, the government further increased excise duty on petrol and diesel by Rs 1.6 a litre and Rs 40 paise a litre, respectively. This is estimated to provided another Rs 3,500 crore to the exchequer.

The impact of Swachh Bharat cess at 0.5 per cent, which came into effect from November 15, will be seen in the coming months.

Service tax revenue expanded 25 per cent to Rs 1.27 lakh crore, making up for 61 per cent of the Budget target.

The customs revenue grew 14.7 per cent to Rs 1.4 lakh crore during the first eight months of FY16.

For 2015-16, the government aims to collect Rs 6.46 lakh crore from indirect taxes.

The finance ministry is expecting a 5-7 per cent, or a Rs 50,000-crore, shortfall in the total tax collections for the financial year on account of lower-than-estimated revenue from direct taxes.

The government expects robust indirect tax collections to make up for the shortfall.

The government remains confident of a 7.5 per cent economic growth for 2015-16.

 
 
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 Experience

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