Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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 STANDARDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: empanelment :: list of goods taxed at 4% :: VAT Audit :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARD
« News Headlines »
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing
 Your Income Tax returns (ITR) filing revised? 5 points you must worry about
 Revised income tax returns under I-T radar
 Govt to simplify income tax laws, sets up task force under taxman Arbind Modi to study overhaul
 Infosys to configure GST network for filing returns

At 3.1 lakh cr, direct tax windfall set to surpass revised target
April, 16th 2008

At 3.1 lakh cr, direct tax windfall set to surpass revised target

Customs Mopup Set To Exceed Revised Estimate Of Rs 1,00,766 Cr Service Tax Collections To Hit Revised Target Of Rs 50,603 Cr

The surge in direct tax collections is sure to give comfort to finance minister P Chidambaram. The governments 2007-08 direct tax collections are set to cross the revised target of Rs 3,05,000 crore to touch Rs 3,10,000 crore.

Riding on the back of buoyancy, both in corporate and personal income-tax, the government had revised the direct tax collection target from Rs 2,67,490 crore to Rs 3,05,000 crore. An official said the direct tax collections had exceeded the revised estimates and the final figure could well be over Rs 3,10,000 crore. The final data will be available only by the month-end since the data gets collated at controllergeneral of accounts.

The additional revenue will not only help in the government in meeting its additional expenditure of over Rs 40,000 crore in 2007-08, but also in meeting the revenue and fiscal deficit targets.

On the indirect tax front, the government may just manage to meet the revised target. On the Customs front, it is all set to exceed the higher revised estimate of Rs 1,00,766 crore. The budget estimate for Customs collections was Rs 98,770 crore.

In the case of excise where the estimate was revised downwards from Rs 1,30,220 crore to Rs 1,27,947 crore, the situation doesnt look very bright.

On service tax front, the government is expected to meet the revised service tax target of Rs 50,603 crore.

The buoyancy in governments direct tax collections has been all encompassing. Even the share of tax deducted at source has increased to 35% from 28% in the last fiscal. But, this is more so because of the emphasis given by the income-tax department on TDS. Regular assessment would also yield close to Rs.5000 crore to Rs.7000 crore, it is estimated.

At the end of February, the direct taxes, including corporate tax and personal income tax, grew by over 40% and stood at Rs 2,32,676 crore. The advance tax collections from the corporate sector and personal income-tax also grew by 40%.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual 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