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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: form 3cd
« News Headlines »
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17
 Non-taxing GST apps to make filing income tax return less painful

India tax receipts slow, but govt hopes to meet target
February, 05th 2009

India's April-January direct tax receipts were up by a slower-than-expected 12.5 percent on-year, a senior official said on Wednesday, as the global turmoil and sluggish domestic demand trimmed corporate profits.

The data has fuelled speculation of higher market borrowing by a cash-strapped government that has pledged to spend an extra 1.47 trillion rupees in FY09 and foregone revenues by cutting factory gate duties by 4 percentage points in December.

Indian firms, which anticipate slower profit growth, have paid 22 percent less advance tax to the government during the December quarter, compared to year-ago figures.

"The direct tax collection touched 2,47,000 crore (2.47 trillion) rupees as on Feb. 1, growing by 12.5 percent," said S.S.N. Moorthy, the chairman of Central Board of Direct Taxes.

Direct tax receipts, which were up 39 percent until the June quarter, began to slow as the global financial crisis started pinching Indian companies.

Last year, India set a target of 20 percent growth in corporate tax receipts to 2.26 trillion rupees and a 14 percent rise in income tax collections to 1.39 trillion rupees for FY09. The target for total receipts was 3.65 trillion rupees.

"There is a slowdown in revenue collection but we are hopeful of meeting the budget target of 3.65 trillion rupees by this fiscal year end," Moorthy told reporters after a conference.

 The growth in receipts until January were lower than the annual growth target of 17.6 percent, raising doubts that revenues may fall short of the budget target.

"The present growth rate in direct tax collection should not be disappointing as the budget estimates were made on the assumption of a 9 percent growth in the economy in 2008/09," said N.R. Bhanumurthy, an economist with Institute of Economic Growth.

Last week, the central bank said the Indian economy could grow at 7 percent or less in FY09, lower than 9 percent last year, while the fiscal deficit could widen to at least 5.9 percent of gross domestic product.

But Bhanumurthy said: "The slowdown in tax collection will put more pressure on government borrowing programme next fiscal."

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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