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: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES :: ACCOUNTING STANDARD :: cpt :: TDS :: VAT Audit :: form 3cd :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

New Govt must modernise the tax administration
April, 18th 2014

Though the Modi government claims the state is in good financial health, the state exchequer's earnings seem to have fallen drastically. The state's taxmen failed to meet the Rs 45,000 crore target, falling short by a whopping Rs 4,068 crore. This has created a huge deficit and sent into a tailspin the state finance minister's tall claims about a revenue surplus budget.

According to the state finance department's official data of final revenue collections as on 31st March 2014, against budgeted and revised target of Rs 45,000 crore for the financial year 2013-14, all the state's tax collection agencies for VAT/CST, stamp duty and registration fees, RTO tax etc., have together netted only Rs 40,932 crore. In 2012-13, the state's total tax revenue was Rs 39,465 crore.

Against 2012-13's Rs 4,427 crore stamp duty and registration fees collection, in 2013-14 the state government earned Rs 4,735 crore. The target for this head for 2013-14 was Rs 5,000 crore.

Against Rs 4,407 crore in the last financial year, the state government earned Rs 4,693 crore in electricity duty in the financial year that ended on March 31.

In 2012-13, the state road and transport department earned Rs 2,276 crore in tax while this year the figure dipped to Rs 2,274 crore.

A very senior officer of the state finance department said that, "Overall recession has hit tax collection targets badly, which will adversely affects the state finances. The reason for the major gap in revenue is because of lower income on petroleum products. Due to cuts in petroleum products prices mid-year, our tax collection has gone down.

"Moreover, two refineries were paying us 2% CST on the product they shipped from the state. Now, due to the new refinery in the north, companies supply the northern markets from there itself, and use Gujarat refineries' products for exports. So this has hit our income hard. Though there is a major gap in the overall tax collection this year, we have decided to increase 2014-15 targets at least by 10% for all taxes during the tabling of the regular budget in June 2014."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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