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 :: cpt :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT Audit :: TDS :: ACCOUNTING STANDARD :: VAT RATES :: articles on VAT and GST in India :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS
 
 
« Indirect Tax »
 GST may lead to better operating profit margin for multiplex operators
 Indirect taxes must equal direct taxes
  Income Tax dept issues notices to ‘farmers’ claiming suspect agricultural income
 GST would match or be lower than the multiple indirect taxes on real estate
 Tax incidence under GST lower than current indirect taxes
 Here's the complete list of pre-GST discounts being offered by companies
 Applicability of Explanation 2 to Section 132B of the I.T. Act, 1961- reg.
 Here’s all you need to know about TDS and why it is deducted
 New indirect tax regime
 Income tax rates, tax-free limit to stay unchanged
 Revised tax reform bill to benefit consumers

Indirect tax collections up 15%
February, 20th 2010

The government's tax coffers are getting an industrial boost. On the back of rising industrial growth numbers, the government's excise, customs and service tax collections for the month of January this fiscal seem to have turned a corner.

Total indirect tax collections in January have grown by over 15 per cent as compared to the same period last year at over Rs 22,000 crore.

During the month, excise collections rose by 25 per cent at over Rs 9000 crore while customs collections went up by 23 per cent at over Rs 7000 crore.

However service tax has shown a dip due to the tax rate being lower this fiscal as compared to the previous year, the collections for jan stand at Rs 5900 crore.

Analysts say while one reason is the heavy cut in the excise duty and the CVD by 4 per cent last December. The fact remains industrial demand is picking up.

The numbers are strong, especially excise. Also, I would not worry too much in terms of the difference with the budget target and the overall collections, since the main laggard is customs, which has also been affected by the exchange fluctuation,'' says Pratik Jain, executive director of KPMG.

The overall collections for this year are still down.

The government's indirect tax kitty has been able to net Rs 189,000 crore up to January this fiscal that is still over Rs 30,000 crore less than last year. And achieving the BE of 2 lakh, Rs 70,000 crore is now a very stiff target.

 Looking at the latest indirect tax collections, the case for a partial rollback of the excise and service tax rates probably looks stronger.

Also the huge gap which the government will face in terms of missing its indirect tax collection target might just prompt the finance minister to go ahead with this decision.

But whether it will be February 26, the Budget day itself, or would the finance minsiter prefer to wait till April-May, the time when the budget is finally passed by the parliament, remains to be seen.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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