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: ACCOUNTING STANDARDS :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit
 
 
News Headlines »
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months

Govt raises direct tax arrears collection target
March, 03rd 2007
Finance Ministry hopes to garner about Rs 9,000 cr


Indirect taxes
In the case of indirect taxes, the Government hopes to collect Rs 700 crore of arrears of customs duties, Rs 1,150 crore of central excise arrears and Rs 700 crore of arrears of service tax during 2007-08.

The Finance Ministry hopes to garner about Rs 9,000 crore in 2007-08 from recoverable undisputed direct tax arrears. This is much higher than the direct tax arrear collection target of Rs 7,000 crore for 2006-07.

Official sources said that the income-tax department has recovered Rs 8,897 crore of direct tax arrears up to December 31 this fiscal, comfortably surpassing the annual target of Rs 7,000 crore. This performance may have prompted the Government to place a much stiffer target for 2007-08, sources said.

It was also pointed out that the arrear collection target of Rs 7,000 crore for 2006-07 was much lower than the target of Rs 10,000 crore that was set for 2005-06.

As against the target of Rs 10,000 crore, the income-tax department mopped up only Rs 7,084 crore of tax arrears in 2005-06. This moderate performance in 2005-06 prompted the Government to lower the arrear collection target for 2006-07 to Rs 7,000 crore, sources said.

Part of budget estimate

The direct tax arrears collection target of Rs 9,000 crore forms part of the 2007-08 budget estimate, which has been pegged at Rs 2,67,490 crore in the case of direct taxes.

In the case of indirect taxes, the Government hopes to collect Rs 700 crore of arrears of customs duties, Rs 1,150 crore of central excise arrears and Rs 700 crore of arrears of service tax during 2007-08.

Meanwhile, the Government has, for the first time in a budget document (receipts budget 2007-08), given age-wise position on tax revenues raised but not realised (as at the end of reporting year 2005-06).

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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