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: TDS :: articles on VAT and GST in India :: VAT RATES :: list of goods taxed at 4% :: empanelment :: VAT Audit :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

Slowdown hits tax kitty by Rs 60,000 cr this fiscal
February, 17th 2009

Hit hard by the economic slowdown, the Centre's tax kitty is slated to have a shortfall of about Rs 60,000 crore this fiscal against original estimates, with indirect taxes being impacted more as the Government cut these duties to perk up the economy.

The interim budget, presented by Finance Minister Pranab Mukherjee in Parliament, today pegged the gross tax revenue collections at Rs 6,27,949 crore, lower than the Rs 6,87,715 crore estimated earlier.

Also the government has targeted tax collections for 2009-10 lower at Rs 6,71,293 crore compared to the original targets for the current fiscal despite the interim budget refraining from altering any tax rates.

The collections this fiscal are slated to be lower for both direct and indirect taxes, with the interim budget estimates indicating that at least two-thirds of the shortfall of Rs 60,000 crore are accounted for by indirect taxes.

The lower indirect tax collection is mainly due to tax cuts of Rs 40,000 crore, including the across-the-board four per cent reduction in central excise rates in December 2008 as part of the first stimulus package.

Hit by the slowdown in the economy, the indirect tax kitty is slated to be about Rs 40,000 crore lower at Rs 2,81,359 crore as compared to Rs 3,21,264 crore estimated a year ago.

Mukherjee said that the shortfall was primarily on account of the fiscal measures initiated by the government to counter the impact of the global slowdown on the Indian economy.

Besides, income tax collection has been pegged Rs 15,714 crore lower at Rs 1,22,600 crore as compared to the earlier estimated Rs 1,38,314 crore.

Corporate tax will also be lower at Rs 2,22,000 crore this fiscal against Rs 2,26,361 crore estimated earlier while presenting the previous budget.

Against all claims of the tax authorities, even direct tax collections would be lower by about Rs 20,000 crore than the original estimates of about Rs 3,65,000 crore.

This is when the income tax department had raised its target to Rs 3,95,000 crore, encouraged by good collections in the first two months of this fiscal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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