Latest Expert Exchange Queries

Make 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) | 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: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: list of goods taxed at 4% :: form 3cd :: Central Excise rule to resale the machines to a new company :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: cpt :: TDS :: due date for vat payment
 
 
Indirect Tax »
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape
 Plenty of hiccups' expected as India rolls out new tax reform

April-Dec indirect tax collections rise 42.8%
January, 18th 2011

Indirect tax collections went up by 42.8 per cent to Rs 2,37,192 crore in April-December period this financial year, against Rs 1,66,133 crore in the corresponding months of 2009-10. The collections in the first nine months of 2010-11 are about 75.7 per cent of the Budget estimate of Rs 3,13,471 crore.

Customs collections covered 86.8 per cent of total Budget estimates, while receipts of central excise and service tax the other two components of the indirect tax structure achieved 71.5 per cent and 64.8 per cent of Budget estimates, respectively, for the current financial year, the finance ministry said in a statement released to the media today.

The largest chunk of the revenue collections came from Customs duty mop-up, which increased 68.1 per cent to Rs 99,830 crore in the nine months, against Rs 59,402 crore in the year-ago period. Last year, when the economy was not doing well due to the global economic meltdown, collections of Custom duty were the worst hit and even pulled down the overall revenue collections.

Collections from excise rose to Rs 93,281 crore in April-December 2010-11, 33.7 per cent higher than the revenue of Rs 69,747 crore last year.

Revenue collections from service tax stood at Rs 44,081 crore, an increase of 19.2 per cent from Rs 36,984 crore in the corresponding months in 2009-10.

The increase in collections is an indicator of the economic activity picking up. The economy registered a GDP growth rate of 8.9 per cent in the first two quarters of the current financial year.

In 2009-10, the total tax-mop up fell short of the target of Rs 6,41,000 crore. The government is expecting the tax collection target of Rs 7,46,000 crore to exceed this year. The finance ministry is expecting to overshoot its indirect tax collection target by Rs 10,000-15,000 crore.

The growth may be led by a robust increase seen in excise and Customs collections, which are likely to exceed the Budgeted target of Rs 1,30,471 crore and Rs 1,15,000 crore respectively. Service tax collections, on the other hand, may just meet the target of Rs 68,000 crore.

Direct tax collections in April-December 2010-11 increased 19.47 per cent to touch Rs 2,98,958 crore, compared with Rs 2,50,232 crore in the corresponding period last year.

 
 
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 Team

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