Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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 VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TDS :: VAT RATES :: ACCOUNTING STANDARD :: empanelment :: cpt :: due date for vat payment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« General »
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh
 NRIs’ overseas bank info needed only for tax refund
 Non-performance: I-T dept transfers 245 commissioners
 Income Tax efiling: Tax implications resulting from clubbing of income
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018-regd
  GST: How companies are gaming the system
 Goods And Services Tax transparency: Elimination of added taxes to boost investment in realty
 In a first, Income Tax department to charge govt official under new benami law
 Income Tax Return Filing: 10 common mistakes people make while filing return of income
 Income Tax efiling: A few essential facts for senior citizens to keep in mind

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 2017 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