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 :: VAT RATES :: due date for vat payment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: list of goods taxed at 4% :: empanelment :: form 3cd :: ACCOUNTING STANDARD :: TDS :: VAT Audit :: cpt
 
 
« Indirect Tax »
 Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8

FM hopeful of meeting FY12 indirect tax target
February, 23rd 2012

Finance Minister Pranab Mukherjee on Wednesday expressed the hope that the government would meet its indirect tax collection target this year despite a slowing economy.

He, however, acknowledged the need for further efforts from the revenue department to meet the target of about Rs 3,93,000 crore.

The indirect tax collection figures up to January 2012 indicate some gains over last year. However, further efforts are required to ensure that the targeted collections for the current fiscal are met, Mukherjee said at an event to confer Presidential awards to the officers of customs and excise.
I am confident that the department would not spare any efforts in meeting these targets. Indirect tax collections at the end of last month stood at Rs 3,17,233 crore -- an increase of 15 per cent over the last year period.

As for the central excise, it stood at Rs 1,17,730 crore by growing at 6.8 per cent over the corresponding period of previous year. In the recent months, however, excise collections have shown a dip.

Services tax and custom duty collections in the ten-month period showed a growth of 37 and 12.7 per centage respectively.

Direct tax collections, on the other hand, are expected to fall short of the target of Rs 5,32,00 crore by a huge margin. The collections so far are at about Rs 3,60,000 crore, leaving the department with a huge task of collecting over Rs 1,70,000 crore in the last 40 days of the financial year.

Mukherjee also said India, with the proposed introduction of the Goods and Services Tax (GST), was at the door-step of the most significant reform in the countrys history of indirect taxes. The GST is expected to be a more efficient system of taxation, he said, adding it is likely to give a boost to the tax revenues of the Centre and the states.

We are working with the state governments for an early implementation of the GST, the finance minister added. Towards this end, an IT network called GSTN is being created to ensure integration of the tax systems of the Centre and the states. Once implemented, the GST will bring about a paradigm shift in the arena of indirect taxation in the country.

Finance Secretary R S Gujral also said there was a good momentum on the GST front, the implementation of which required the concurrence of the states.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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