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: form 3cd :: list of goods taxed at 4% :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements
 Central Board of Direct Taxes allowed Rs 4,500 crore of irregular benefits to infrastructure companies: CAG

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 2016 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