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: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: due date for vat payment
 
 
« News Headlines »
 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
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961

Tax mopup falls short again; to widen fiscal gap
April, 13th 2009

The economic slowdown has taken its toll on the governments tax collections, which have fallen short of even the revised lower target of Rs 6,27,949 crore for 2008-09 fiscal. This would push up the fiscal deficit further, which has been revised up to 6% in 2008-09 from 2.5% of GDP estimated earlier.

The governments gross tax collection is likely to be about Rs 25,000 crore less than the revised target, with both direct and indirect tax collections bearing the brunt of slowing economic activity, a government official who did not wish to be named said.

In the case of indirect taxes, the slowdown in manufacturing has partly contributed to the lower tax collections. According to the latest industrial production numbers, manufacturing contracted 1.4% in February 2009.

The two percentage point reduction in excise duty and service tax rates announced by the then acting finance minister Pranab Mukherjee in his reply to the debate on interim budget has further dented the collections.

However, buoyancy in direct taxes mostly corporate tax and tax on personal income in the early months of the previous financial year provided some succour.

The slippage on the direct tax side is less than Rs 10,000 crore. The direct tax collection was revised downwards to Rs 3,45,000 crore in the interim budget from the original budget estimate of Rs 3,65,000 crore. In the case of indirect taxes, all the three major taxes excise duty, Customs and service tax have been hit.

A shortfall of about Rs 25,000 crore coupled with additional spending would widen the countrys fiscal deficit, which is excess of the government expenditure over total non-debt receipts, pegged at 6% in previous fiscal further by at least 1-1.5 percentage points.

The additional spending is largely on account of the stimulus measures as also food and fertiliser subsidies. In the interim budget, the governments plan expenditure was revised to Rs 2,82,957 crore as compared to budget 2008-09 estimate of Rs 2,43,386 crore.

The non-planned expenditure of the government is pegged at Rs 6,17,996 crore as against Rs 5,07,498 crore estimated in the budget 2008-09.

It may be recalled that the government had initially projected the fiscal deficit at 2.5%, lower than the Fiscal Responsibility and Budget Management Act mandated target of 3%.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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