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: form 3cd :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: empanelment :: TDS :: cpt :: ACCOUNTING STANDARD :: VAT RATES
 
 
« Indirect Tax »
 Indirect tax wing rejigged ahead of GST launch
 Grey areas remain for foreign investors on tax issues
 GST: New indirect tax regime to remove inter-state barriers, stimulate exports, says Nirmala Sitharaman
 Cabinet Approves 4 GST Supplementary Bills
 GST Council approves all five draft bills ahead of new indirect tax regime
 CAG questions income tax deparment’s ability to probe shell companies
 Income from MF investments must be shown in income tax returns
 Indirect tax higher than direct tax revenues in April-Feb
 Many foreign investors reach out to tax experts about indirect transfer of shares provisions
 How changes in capital gains norms impact your portfolio
 It's time to really pull up India's out-of-control banks

Finmin mulls raising indirect tax mop-up target
January, 11th 2011

After increasing the direct tax collections target in 2010-11 by Rs 20,000 crore, the finance ministry now plans to raise the indirect tax receipts by at least Rs 10,000 crore to Rs 3,25,000 crore for the same period.

Indirect tax collections have shown good growth. We are planning to increase the target by at least Rs 10,000 crore. This will be shortly communicated to the field officers, said a finance ministry official.

Indirect tax collections went up by 42.3 per cent to Rs 2,07,756 crore in the April-November period, against Rs 1,45,958 crore in the corresponding months of 2009-10. The collections in the first eight months were about 66 per cent of the Budget estimate of Rs 3,15,000 crore for 2010-11. Last years collections during the same period constituted 54.5 per cent of the overall target for 2009-10.

While the target will be revised upwards for all the three indirect taxes customs, excise and service tax the increase in collections will primarily be on the back of Customs and excise duty mop-up, which showed a rise of 67 per cent and 34.4 per cent, respectively, in the first eight months of 2010-11. Service tax collections have grown 18.2 per cent in the same period.

The Budget Estimate (BE) for collections from Customs, excise duties and service tax is Rs 1,15,000 crore, Rs 1,32,000 crore and Rs 68,000 crore, respectively, in the current financial year. Till November, the revenue department had collected Rs 86,844 crore from Customs (75.5 per cent of BE), Rs 81,984 crore from excise duty (62 per cent of BE) and Rs 38,927 crore (57 per cent of BE) from service tax.

Last week, Finance Minister Pranab Mukherjee had increased the Budget target for the Central Board of Direct Taxes to Rs 4,50,000 crore from Rs 4,30,000 crore. This meant 19 per cent rise in direct tax collections over Rs 3,78,000 crore mopped up last year. The target was revised by Mukherjee keeping in mind a 19 per cent increase in direct tax collections in the first eight months this financial year.

An indirect tax collection target of Rs 3,25,000 crore would mark a 32.5 per cent increase over last years collections of Rs 2,46,000 crore. Going by the revised targets, the incremental increase in indirect tax collections in 2010-11 would be more than the increase in direct tax collections over 2009-10.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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