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 »
 I-T?dilutes move to cap appeals based on monetary value
  ITR 2018.19: Here are six reasons why you should file your return before August 31
 Finance Ministry proposes to ease process of getting no tax deduction certificate
 Finance Ministry proposes to ease process of getting no tax deduction certificate
 Received income tax notice? Here is what it means and what you need to do
 TDS different while buying NRI property Income tax return (ITR) filing
 CBDT plan to incentivise ‘quality orders’ worries trade
 How to save tax using the demat account?
 Income tax returns (ITR) filing: These are evasion cases picked up by Income-Tax department for scrutiny
 Did you get a defective income tax return notice? ITR filing
 Income Tax returns (ITR) filing: All your transactions are under taxman's scanner

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