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: due date for vat payment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: list of goods taxed at 4% :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit
 
 
Direct Tax »
 CBDT asks I-T dept to take urgent steps
 I-T department asks taxpayers to update their information on e-filing portal
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards

Govt could see a shortfall of `40K cr in direct tax collections this fiscal
February, 08th 2016

The government is likely to face a shortfall of Rs 40,000 crore in direct tax collection this fiscal going by the latest tax collection figures as the economic slowdown appears to have had an impact on mobilisation of revenue.

In the first 10 months of 2015-16, the collection has only been Rs 5.20 lakh crore in direct taxes, according to the income tax department. The government had set a direct tax collection target of Rs 7.97 lakh crore this fiscal up 26.5 per cent from Rs 6.30 lakh crore in financial year 2014-15. Lower than projected revenue mobilisation will put further pressure on the government to meet its fiscal deficit target of 3.9 per cent of the GDP for 2015-16.

“While the current growth in direct tax collection is over 11 per cent from the collections in the same period in financial year 2014-15, it is not as per the growth envisaged by the government this fiscal,” said an income tax official who spoke on the condition of anonymity.

According to senior tax officials, tax collections are down because the economy hasn’t recovered in line with expectations.

Although the new GDP series shows the September quarter economic growth at 7.4 per cent, corporate earnings have been tepid with deflation at the wholesale price level. Recent economic data such as the manufacturing PMI which showed a contraction in its latest reading are also seen as evidence of a muted recovery. “The tax collection reflects the current economic conditions also. The recovery has not happened. We are hoping that in the final quarter of this fiscal we will be able to collect more taxes and the tax shortfall will not widen,” said a tax official.

In Mumbai, the income tax department has collected Rs 1.68 lakh crore till January 23- up 15 per cent in the same period a year ago. The Budget target for Mumbai stands at Rs2.56 crore. Mumbai contributes over 34 per cent to the overall direct tax collection in the country.

According to the data, obtained by The Indian Express, while Mumbai has seen an increase in corporate tax collections, income tax collections from individuals and security transaction tax (STT) collections have remained flat. The corporate tax collected by the Mumbai region is Rs 1.1 lakh crore up 17 per cent from a year ago. Income tax collection from individuals were Rs 50,000 crore while STT was Rs 5,779 crore at the end of the first ten months of FY 16.

Some IT officials point to another reason for dip in tax collections . According to them, the drop in tax collections could be due to less tax searches and surveys by the department this fiscal. Till December, the tax department has conducted about 180 searches and surveys down 75 per cent in the same period a year ago.

This is in line with the non-intrusive tax regime promised by the Centre which in the past has been criticised over minimum alternate tax (MAT) notices to foreign investors.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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