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: ACCOUNTING STANDARD :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: form 3cd :: VAT Audit :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: list of goods taxed at 4% :: due date for vat payment :: articles on VAT and GST in India
 
 
Direct Tax »
 6 tax tasks you should finish by March 31
 CBDT to waive interest if tax demand paid in retro cases
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers
 Startups in the docks over marked down valuation tax as March 31 nears
 CBDT asks taxman to make all out efforts to recover arrears

Taxman mops up Rs 45,000 crore of direct taxes in one week
April, 01st 2014

Despite a major downward revision in the estimate for gross tax receipts, the Centre is staring at a shortfall of Rs 10,000-12,000 crore in collections, indicating a spending squeeze sharper than envisaged in the interim budget as the government is believed to have met the fiscal deficit estimate of 4.6% of gross domestic product (GDP).

The revised estimate (RE) of Rs 6.4 lakh crore for direct tax receipts seemed within touching distance on Monday, sources from the revenue department told FE, but added that on the indirect tax front, there could be a shortfall of at least R10,000 crore against the RE of Rs 5.2 lakh crore.

While the Union government accounts for April-February released on Monday showed the fiscal deficit to be 114.3% of the RE for the full year at R5.99 lakh crore, economic affairs secretary Arvind Mayaram said the deficit figure stood at 98% of the RE as on March 28.

This was doubtless achieved through a compression in expenditure comparable to last year in the last three-four months of the fiscal. Disinvestment proceeds exceeding the RE a bit also helped.

Monday's Controller General of Accounts (CGA) data revealed total expenditure in April-February was 88% of the RE at Rs 13.9 lakh crore.

The adverse impact of the economic slowdown on tax receipts is evident from the fact that after sharp downward revisions of budget estimates, the Centre is struggling to meet even the revised estimates. Gross tax collection in FY14 was initially budgeted to be 19.2% higher than the collections in the previous year at Rs 12.36 lakh crore, but the finance minister P Chidambaram revised the figure to Rs 11.59 lakh crore in the interim budget, which implied an annual growth of less than 12%. However, the revenue department, despite its aggressive crackdown on evaders, is struggling to meet even that relatively modest target.

In recent months, the government took several measures to boost tax receipts including stepping up scrutiny on personal income tax assessees and tightening rules to check indirect tax evasion. It also canceled leaves of its officials involved in tax collection till March 31.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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