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: form 3cd :: TDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD
Direct Tax »
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards

Tax rich more, enhance tax-GDP ratio, demands civil society
February, 06th 2013

India should tax the rich more and enhance the tax-GDP ratio by increasing revenue from direct sources of tax to fund inclusive development, civil society organisations urged in their budget proposals for 2013-14 on Tuesday.

“...the Union Finance Ministry (need) to address the lack of progressive structure in the country’s tax system and raise the much needed additional resources for financing education, health care, food security,” civil society organisations Centre for Budget and Governance Accountability (CBGA), Oxfam India and Christian Aid said.

Direct taxes can be increased by taxing the rich more, increasing the share of property tax and re-introducing of inheritance tax, they said at a conference here.

“Overall the tax effort is very low. We need to raise it from 15 per cent to at least 20 per cent. Other countries rely more on direct taxation, which raises greater revenues from those who can afford to pay more and therefore have a more progressive structure of taxation than India,” Oxfam Chief Executive Officer Nisha Agrawal said in her address.

India raises only 15.5 per cent of GDP as tax revenues- the lowest taxes of all G20 nations, while the average tax-GDP ratio in OECD countries is at 24.6 per cent, Ms. Agarwal said.

She said India should mobilise tax revenue and rely more on direct taxes instead of indirect taxes, which are regressive because it affects the rich and poor alike.

As per estimates, revenue potential of inheritance tax and wealth tax in India has been found to be about Rs 63,539 crore per annum or 0.8 per cent of GDP of 2011-12, roughly equivalent to current expenditure of about 0.9 per cent of GDP on health care, Oxfam said.

“Therefore...with the introduction of property taxes, which would largely fall on wealthy, India could double public expenditures on health care,” it said.

Citing loopholes in international taxation, CBGA said double taxation agreement should be relooked.

“Discussions progress to amend Double Taxation Avoidance Agreement (DTAA) with Mauritius. A comprehensive review of all DTAAs by the country is needed to understand the revenue implications and extent of treaty shopping currently taking place,” CBGA Director Subrat Das said.

He said government should increase direct taxes -mainly wealth and inheritance taxes-eliminate corporate exemptions and close loopholes on tax avoidance.

“India could easily raise up to 20-25 per cent of GDP as tax revenues, which is the amount that would be necessary to fund modern welfare state that can deliver on its objectives of faster, inclusive and more sustainable development,” Mr. Das said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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