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: VAT RATES :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT Audit :: articles on VAT and GST in India :: cpt :: TDS
 
 
News Headlines »
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended

Direct taxes likely to be top earner
June, 09th 2007

Trends show indirect tax mop-up to lag this fiscal.
 
For the first time ever, direct tax collections may surpass indirect tax collections this fiscal, aligning India with global tax systems and fulfilling an important policy target of Finance Minister P Chidambaram.
 
The revenue department says trends in collections (personal income tax and corporation tax) in the first two months of this financial year and average growth in recent years suggest that direct tax collections may touch Rs 3,00,000 crore.
 
That means more than 12 per cent growth over the governments estimate of Rs 2,67,490 crore for 2007-08.
 
Collections of indirect taxes (Customs, excise and service tax), which have traditionally dominated Indias tax revenues, are projected at Rs 2,79,190 crore for the fiscal.
 
Direct tax collections rose 39 per cent in 2006-07, while indirect tax collections rose 21 per cent. During the last four years, average direct tax collections rose 29 per cent, compared with 17 per cent growth in indirect tax collections.
 
This indicates that direct taxes will be key to government finances. Policy makers, including Chidambaram, have frequently described these taxes as progressive taxes of the future.
 
Given that income tax collections are on an upward momentum, collections will be higher than the average growth in recent years, said a finance ministry official.
 
Net direct tax collections grew 71 per cent to Rs 13,335 crore in the first two months (April, May) of this fiscal against Rs 7,779 crore in the same period last fiscal. This was mainly because of a lower level of refunds and an advance in the assessment deadline to December.
 
Earlier, the assessment of previous years used to be completed by March, leading to spillover of demands and claims to March and April.
 
Last year, the gross collections were higher due to the spillover demands. But this year, there is no such issue, the official said. In fact, the savings on refund are as high as Rs 5,800 crore in April-May over last year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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