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: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT RATES :: due date for vat payment :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT Audit :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS
 
 
Direct Tax »
 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
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already

At 12%, direct tax mop-up misses budget target
January, 08th 2014

The government is facing the possibility of falling short of its gross direct tax collection targets in the wake of the economic slowdown with the mop-up during the first nine months of the current financial year rising 12.3% to Rs 4.8 lakh crore.

The current run rate is much slower than the 18.1% growth target for corporation tax, personal income tax and wealth tax that finance minister P Chidambaram had fixed in the Budget. The government is now left with two possibilities: Either lower the target when Chidambaram presents the revised estimates in the next few weeks or step up its collection drive, which officials concede may be a tough task, given the extended period of slowdown. While a lower revised estimate is a possibility, it makes the task of meeting the fiscal deficit target more difficult, although Chidambaram and his team managed to do so in 2012-13 by cutting down expenditure across ministries.

Already, there are indications that ministries have been asked to surrender their allocations wherever they have failed to spend the money allocated to them at the start of the year. The move comes at a time when the Centre has reached 94% of its annual fiscal deficit target at the end of November.

Latest data released by the finance ministry showed that corporation tax was the biggest laggard, with gross collections going up by 9.4% to Rs 3.1 lakh crore during April-December 2013. This comes against a target of almost 17% for the financial year. Similarly, gross collection of personal income tax was up 18.5% at a little under Rs 1.7 lakh crore, compared to the asking rate of over 20% for the financial year. Net direct tax collection, which includes refunds and transfers to the states, was estimated to have gone up by over 12.5% to Rs 4.15 lakh crore, the finance ministry said in a statement.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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