Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get 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) | 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
 
 
 
 
Popular Search: empanelment :: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARDS :: TDS :: articles on VAT and GST in India :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: cpt
 
 
General »
 Advance tax payout by top cos grows just 2% in Sept quarter
 Why abolishing personal income tax may not be a good idea
 Questions about the GST cess
 How to prepare for the looming tax-extension deadline
 Income tax: Gratuity for employees raised to Rs 20 lakh; here is how you will benefit
 Haryana to set up scrutiny panel on GST benefits
 Waive certain taxes for companies in insolvency proceeding
 I-T department to appoint 7600 more tax return preparer scheme to cover entire country
 All eyes are on GST as Centre plans higher social pension
 Exporters demand total exemption from GST
 Here's what you must know to stay clear of taxman

Govt tapping tech to widen tax base, give quick refunds
May, 14th 2016

With sustained efforts by the government, the number of taxpayers in the country has risen to 5.7 crore for assessment year (AY) 2016-17 from the 5.43 crore seen last year, revenue secretary Hasmukh Adhia told FE

With sustained efforts by the government, the number of taxpayers in the country has risen to 5.7 crore for assessment year (AY) 2016-17 from the 5.43 crore seen last year, revenue secretary Hasmukh Adhia told FE. There were 4.88 crore taxpayers in the country in AY2013-14.

“We are using a lot of technology and giving earlier refunds. This year, we tried to finish all assessments early and give refunds expeditiously so that the backlog is reduced,” said the secretary.

Separately, the finance ministry’s annual report said that “tax base” rose from 6.5 crore at the end of FY14 to 6.86 crore by FY15-end, an addition of 76 lakh people.

The tax base is defined as the number of persons who have either filed income tax returns or in whose case tax has reportedly been paid or deducted.

With more than 95% returns being filed online, it becomes easier for the I-T department to process it within a short span of time. The department has issued 2.10 crore refunds totalling over Rs 1.22 lakh crore in 2015-16, which saw 94% of the returns being filed online. In 2014-15, Rs 1,12,188 crore was paid as refunds and Rs 89,664 crore in 2013-14.

“We do not want to be forcibly collect tax from anybody. But we do not want our officers to be lazy also. They need to be alert and see if there are any taxes due, they will have to finish assessments on time. And they will have to raise demand and refunds on time,” said Adhia.

Both the Central Board of Director Taxes (CBDT) and Central Board of Excise and Customs (CBEC) are making optimum use of technology for expeditious disposal of assessment and refunds as well as for addressing the issues relating to custom clearance and facilitating trade among others. As regards indirect tax collections, the indirect tax to GDP ratio was about 5.17% compared with 4.36% for 2014-15.

SWIFT, or Single Window Interface for Facilitating Trade, acts as a single-point interface for over 50 offices of six government agencies for clearance of Exim goods and reduces documentation and costs, thereby benefiting over 97% of India’s imports.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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