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
Latest Expert Exchange
Direct Tax »
 Allowances earned abroad may be tax exempt in India NRI taxation
 TDS cut but not paid to government? Here's why you shouldn't worry Income Tax alert
 CBDT amends tax audit report format
 Direct taxes code task force to be reconstituted
 Finance ministry to recast direct tax panel after discord on suggestions
 Pay tax, get rewards from the government
 Corporate advance tax growth rate doubles
 Central Board Of Indirect Taxes And Customs Notification No. 84/2018-Customs
 Rajasthan HC directs CBDT to consider further 15 Days Extension
 Delhi HC issues notice in a petition seeking extension for filing of ITR and TAR
 CBDT instructs CCITs to mop up tax collection

Government says direct tax collection to fall short of target
February, 26th 2016

The Narendra Modi government said on Wednesday that it is hopeful of exceeding its full-year target of indirect tax collections by Rs 40,000 crore, but direct tax collection may fall short of the figure by an equal amount.

The overall tax collections stood at Rs 10.66 lakh crore as of Jan.31, 2016, or 73.5 percent of the full-year target of Rs 14.49 lakh crore, according to an official statement.

Indirect tax collections were up 33.7 percent, while direct taxes grew at 10.9 percent.

"Looking to the trend, it appears that as far as indirect tax collections are concerned, the government may get more than Rs.40,000 crore extra over and above the BE target for indirect taxes for 2015-16 while there might be an equal amount of shortfall in direct tax collections," the statement said.

The government is confident of meeting the overall tax collection target.

"However, both direct and indirect tax collections put together, we expect to meet the annual BE target of Revenue collections for the current year without any shortfall," the statement said.

The tax collection figures come two days after the government came out with its Q3 GDP estimate and the revised estimates for the previous two quarters.

The economy was estimated to have expanded by 7.3 percent, while the first and second quarter estimates were revised upwards at 7.6 percent and 7.7 percent, respectively.

The full-year growth rate for FY2016 was estimated at 7.6 percent.

The Union Budget will be presented on Feb. 29, 2016 by union Finance Minister Arun Jaitley. The budget session of parliament starts on Feb. 23.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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