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: cpt :: VAT RATES :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: due date for vat payment :: VAT Audit :: list of goods taxed at 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Direct Tax »
 New direct tax law coming
 Government sets up a panel to draft new direct tax law
 High court judges, experts brainstorm on likely GST litigations
 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

New direct tax code, hike in indirect taxes likely: Sources
February, 01st 2013

Parthasarathi Shome, key member of the Finance Minister's budget team today hinted at a hike in indirect tax rates to 14% even as the Finance Ministry works on a new direct taxes code. Aakansha Sethi reports on the expectations of the Union Budget 2013.

Sources in the Finance Ministry said that they are discussing a new direct taxes code. This could be a return to pre 2008 indirect tax level. Service tax as well as excise too could be hiked to 14 percent.

Now, while this is going to add to the inflation and hence is a cause of concern, the key theme for the forthcoming Budget is going to be fiscal consolidation and this could add almost up to Rs 8000-10000 crore.

Infact, Shome said that there was no definitive analysis of whether the fiscal loosening had actually helped growth.

Parthasarathi Shome, advisor to finance minister said, "We had a golden period of fiscal consolidation in about 2003-2004 to 2007-2008 when we consistently followed Fiscal Responsibility and Budget Management (FRBM). If you do it on a consistent basis, you can see one to six years of consolidation going on. Then, it is easier to follow FRBM. However, at this stage, what is important to see is that kind of fiscal loosening that we saw in 2008-2009. We have given the argument that it was because of the global crisis, but I really haven't seen any definitive analysis proving that that kind of loosening was essential."

Shome added that they are very closely working on the direct tax code and revising it according to the suggestions of the Standing Committee and their original thought.

Now, the revised Direct Taxes Code (DTC) was very different from what Chidambaram had originally envisioned. So, it is likely to see the inclusion of the Standing Committee's recommendations and the Finance Ministry is keen to implement it from 2014. So, one can expect an announcement on DTC on the timeframe in the Budget as well.

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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