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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 Government likely to withdraw tax notice on free banking services
 Senior Citizens Savings Scheme Rules, 2004
 How salaried individuals can avail full potential of I-T benefits
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes

Revenue Secy: Any duty-cut on petro items will hit tax mop-up
May, 25th 2011

The Revenue Department does not want to withdraw the Customs duty on crude oil; nor does it want a reduction in the excise duty on petroleum products. Any such move would reduce revenues in 2011-12.

This is significant because pressure is mounting on the Finance Ministry to cut Customs duty on crude oil and petroleum products to offset the impact of high international crude oil prices and the increase in diesel prices if they are de-regulated.

Currently, crude oil imports attract basic customs duty of 5 per cent. The customs duty on petrol and diesel is 7.5 per cent. For all other oil products, import duty is 10 per cent. The excise duty on petrol is Rs 14.35 per litre and on diesel it is Rs 4.60 per litre.

The Revenue Secretary, Mr Sunil Mitra, said here today at the 27th annual conference of chief commissioners and directors-general of income tax in the Capital on Tuesday that a reduction in indirect taxes cannot be an answer for either high international crude oil prices or diesel price deregulation.

This has raised doubts as to whether the Empowered Group of Ministers (EGoM) on petro-pricing will go in for diesel price de-regulation.

Mr Mitra also sounded a note of caution on achieving the direct tax mop-up target for 2011-12, given that the unrelenting inflation is expected to bring down domestic demand.

High inflation and escalating interest rates may impact corporate earnings in 2011-12 and thereby lower corporate tax payouts. The Centre is aiming at a 20 per cent increase in direct tax collections this fiscal at Rs 5.33 lakh crore.

I have serious apprehensions about our tax collections in current fiscal, Mr Mitra said. The Finance Minister, Mr Pranab Mukherjee, concurred with Mr Mitra's view, stating that situation was not all that conducive for strong growth in tax collections.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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