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: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARD :: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: list of goods taxed at 4% :: cpt :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd :: VAT RATES
 
 
Direct Tax »
 CBDT comes out with clarification on MAT for Ind AS companies
 No penalty for late ITR this year but here are 4 important reasons to file it in time
 12% growth in income tax collection
 CBDT gameplan to enhance TDS collection
 Don't curry political favours for transfers, CBDT tells taxmen
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation
 Income Tax Return (ITR) Filing: Common Mistakes That Could Get You A Tax Notice
 Income Tax department asks tax practitioners to register entities separately

Direct tax collections up 12.53 per cent in April-December
January, 07th 2014

Nine months into the financial year, the government has managed to raise over 60 per cent of its direct tax target for the year, putting it on course to achieving the budgeted amount. The shortfall in tax collections, which has put the government's fisc under strain, is likely to come largely from the indirect taxes side, which is expected to be Rs 30,000 crore below budget.

The net direct tax collections, after refunds, were up 12.53 per cent to Rs 4.15 lakh crore in April-December 2013-14 over Rs 3.69 lakh crore in the same period. The government has budgeted Rs 6.7 lakh crore from direct taxes in the current financial year.

The government has so far managed to raise over 62 per cent of this amount and should manage the rest also given that direct tax inflows are usually highest in the last quarter.

Gross corporate taxes were up 9.35 per cent to Rs 3,10,126 crore hile personal income tax rose 18.53 per cent to Rs 1.68 lakh crore in April-December 2013-14. The Securities Transaction Tax ( STT) kitty is up 4 per cent to Rs 3,427 crore while wealth tax showed 11.92

per cent rise at Rs 742 crore. Total gross direct tax collection during April-December is up by 12.33 per cent to Rs 4.81 lakh crore.The overall tax collection target for the year is unlikely to be met though, given the slowdown in the indirect tax collections.

At the end of November, the gross tax revenue, before allocation to states, was Rs 5.32 lakh crore, less than half the budgeted Rs 12.36 lakh crore. The excise, Customs and service tax levy added up to Rs 2.82 lakh crore against the budgeted Rs 5.64 lakh crore, 50 per cent of the total.

Because of the poor tax collections, the fiscal deficit at the end of November was 94 per cent of the budgeted amount, creating a serious
challenge to the government's attempts to keep it at budgeted 4.8 per cent of GDP.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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