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: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: due date for vat payment :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARDS
 
 
Indirect Tax »
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape

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