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: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: cpt :: form 3cd :: ACCOUNTING STANDARDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: articles on VAT and GST in India :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

Indirect tax mop-up exceeds target
April, 09th 2013

Although the exact figures have not come in, indications are that the government has exceeded the revised target for indirect tax collections in 2012-13 and has met the overall revised revenue targets, balancing the small shortfall in direct tax collections.

“We have exceeded the revised estimates in indirect tax,” Revenue Secretary Sumit Bose said at an interactive session with the members of the Bengal Chamber of Commerce and Industry here on Friday.

The exact numbers may be known only after the third week of this month. The revised indirect tax collections target for 2012-13 was Rs.4.6 lakh crore, while the total revised revenue target was Rs.10.3 lakh crore.

Mr. Bose said the government was close to direct tax collection’s target, indicating that the target might have been missed. “But combining (indirect and direct tax), we have met the target,” he said.

He said that the early introduction of the Goods and Services Tax (GST) would have positive impact on gross domestic product (GDP), exports and employment.

The Union Finance Ministry was planning to set up the fifth large taxpayer unit (LTU) in Kolkata by June, he said, adding that the LTU was expected to provide specialised services to large tax payers of the eastern region. He also said the trend in tax to GDP ratio appeared to have been stable in 2012-13, being maintained at the 2011-12 level of 6.43 per cent.

IT usage

“Many of the States have done well in tax collection, and this is largely due to use of information technology,” he added. According to Mr. Bose, the ratio of the combined gross state domestic product and tax collection improved in the past few years due to the extra efforts mounted by the States.

With the government aiming to reclaim its peak tax-GDP ratio of 11.9 per cent soon, the Revenue Secretary said that boosting corporate tax collection was key to improving the crucial ratio.

Mr. Bose said that high economic growth was the ‘remedy’ for improving the low tax-GDP ratio as only high growth would ensure higher corporation tax collection.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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