Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Income Tax SFT return filing due date extension: Facility to remain open for a couple of days Latest news
 Income tax filing: Waiting for your Form 16? Here is what you need to know
 Salaried? Rental tax calculation rules you should know before ITR filing in 2023
 What are new tax regime's slabs? Know its limits, benefits, and more
 How much additional tax do you need to pay? ITR filing last date for FY 2019-20
 Income Tax Return Filing: How to file ITR - step-by-step guide
 New Income Tax Slabs for Super Senior Citizens 2023-24: Which rate will apply for ITR now?
 Income Tax Return filing 2023 data: How many Indians aged 18-35 years file ITR?
 Make tax-saving a part of your overall investment plan
 Filing ITR? Maximize Your Tax Savings With These 7 Allowance Benefits
 Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act, 1961 ('Act') in view of the then-Covid-19 pandemic

Excise, service tax mop-up to beat target despite slowdown
April, 04th 2013

Even as industrial production is slowing and service sector growth is stagnating, excise duty and service tax collections are set to cross the Budget Estimates for 2012-13. This is significant from the point of narrowing the fiscal deficit.

“Overall, on the indirect tax front, we are likely to get Rs 2,000-2,500 crore more than the revised target, while the direct tax collection is estimated to be near the revised target,” a senior Revenue Department official told Business Line. Indirect taxes include Customs duties, Central excise and service tax, while direct taxes include personal income tax, corporate tax, wealth tax and securities transaction tax.

FINAL PICTURE

The official said the final picture will emerge after April 10 as payments continue to come in till that date.

However, another Revenue Department official said that, as on Wednesday, the excise duty collection for 2012-13 had exceeded the lowered revised estimate by over Rs 22,500 crore and had even slightly exceeded the original Budget Estimate.

At the same time service tax collection is near the higher Revised Estimate.

However, it is the Customs duty mop-up that will directly impact the overall trend. Overall, the Customs duty collection will restrict the total indirect tax collection growth to Rs 2,000-2,500 crore.

Till date, direct tax collection is nearly Rs 5,000 crore short of the target. But going by the daily trend, estimates are it will touch the revised target, the official added.

AWARENESS CAMPAIGNS

He credited this development on the direct tax front to the Department’s continuous campaign and notices to tax-payers.

Apart from issuing warnings from time to time, the Income-Tax Department has issued over one lakh notices to those who had not filed tax returns.

This has prompted over 14 lakh people to file returns, paying tax dues with interest. Till date, a total of 2.15 crore returns had been filed, against 1.64 crore in 2011-12.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting