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: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TDS :: form 3cd :: empanelment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: due date for vat payment :: articles on VAT and GST in India
 
 
Direct Tax »
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already
 CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

Total tax collection may miss target despite higher direct, indirect mop-up
February, 09th 2012

Even as the indirect tax collection is set to hit the Budget target, the Finance Ministry may not be able to achieve the target for total tax revenue during the fiscal year ending March 31, 2012. The gross tax revenue target has been set at Rs 9.32 lakh crore.

In another bit of bad news, excise duty collection in January has once again turned negative. Excise duty is levied at the factory gate on goods produced. Negative collection indicates that manufacturing is down and demand has also been affected.

TARGET ACHIEVABLE

According to the Finance Ministry, total tax collections touched Rs 7.42-lakh crore, nearly 14 per cent higher than the corresponding previous figure of Rs 6.46-lakh crore.

To achieve the Budget target, it aimed at a growth of 18.5 per cent.

The Central Board of Indirect Taxes, while releasing the data of indirect taxes, said: Nearly 80.74 per cent of the Budget estimate has been achieved up to January 2012 in the current fiscal year.

At the present rate of growth, the Board should be able to achieve the target of Rs 3.92 lakh crores.

POSITIVE TREND

The overall growth in Central excise revenue up to January is showing a positive trend. Service tax revenue also continues to be buoyant and is growing by over 34 per cent, while Customs duty growth is around 13 per cent.

But the real problem is with direct taxes, as the net collection has grown by just over 9 per cent. The CBDT has clearly said that the Rs 5.32-lakh-crore target is non-negotiable.'

It wants its officials to take up the challenge of filling the deficit. With some revision during the middle of the year, the total tax target was revised upwards. However, direct tax collection may fall short, which will affect overall tax collection, a senior Finance Ministry official said. He, however, refused to give the quantum of shortfall.

Under direct taxes, the collection of Securities Transaction Tax has declined by over 27 per cent. But with per capita income on the rise, personal income-tax is also going up.

INCOME-TAX

One of the The data show that gross collection of income-tax grew by over 20 per cent and reached Rs 1.38 lakh crore.

Initially, the Finance Ministry had set a target of over Rs 1.58 lakh crore from personal income-tax.

Growth in gross corporate tax collection, too, may fall short of the target. It has reached just 12 per cent, to touch Rs 2.85 lakh crore, against the initial target of Rs 3.33 lakh crore.
{Ad}

 
 
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