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: TDS :: ACCOUNTING STANDARDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: due date for vat payment
 
 
Direct Tax »
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?

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