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 Audit :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: VAT RATES :: ACCOUNTING STANDARD :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: articles on VAT and GST in India
« Indirect Tax »
 Finance Minister Favours Cess Over Additional Tax To Compensate States Under GST
  Indirect Tax collections up
 A GST rate that can unlock India’s potential
 Why India fared badly in World Bank’s Doing Business survey
 Income Tax dept to intensify anti-black money operations
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%

Govt realises 152% of target for indirect tax arrears recovery
June, 02nd 2009

Customs duty evasion continued to be high during 2008-09, according to estimates available with the ministry of finance.

While the all-India customs duty demanded in 2008-09 was Rs 1,867 crore, only one-third of that amount -- around Rs 646 crore -- was realised. During the previous fiscal (2007-08) total customs duty demanded was Rs 1,221 crore, but only one-fourth of it -- Rs 338 crore -- was realised.

However, the collection of indirect tax arrears in 2008-09 is being seen as 'good' in the backdrop of the global economic slowdown, especially as the government realised more than it targeted.

Against a target to collect Rs 3,250 crore towards indirect tax arrears in 2008-09, the government realised Rs 4,931 crore, which works out to 152% of the target.

The arrears target for central excise was Rs 1,300 crore in 2008-09, and Rs 1,748 crore was collected. In customs duty, Rs 1,120 crore was collected against a target of Rs 950 crore. In service tax, collection was Rs 4,931 crore, even as the target was Rs 1,000 crore.

Meanwhile, the number of audits conducted across the country increased. While 30,883 audits were conducted in 2007-08, the number rose to 35,256 in 2008-09. The amount of duty detected also increased, to Rs 7,503 crore from Rs 5,101 crore, according to official data.

However, the number of cases booked for duty evasion dropped to 5,672 from 7,651 in 2007-08.

The total amount of duty involved in these cases also came down -- Rs 6,943 crore, against Rs 8,770 crore in 2007-08. The total amount recovered in these cases decreased from Rs 2,785 crore in 2007-08 to Rs 1,230 crore in 2008-09.

As for smuggling cases, goods worth Rs 1,479 crore were seized in 2008-09, up from Rs 1,021 crore in the previous fiscal.

Recently, the finance ministry had issued figures showing direct tax collection has increased. Collection for 2008-09 increased 8.33% from the previous fiscal to Rs 3.38 lakh crore against Rs 3.12 lakh crore in 2007-08.

Collection of direct taxes has grown over three times from Rs 1.05 lakh crore in 2003-04, translating into an average annual growth of 26.75%.

However, when considering direct tax as a percentage of GDP, India witnessed a slight decline.

Direct tax as percentage of GDP stood at 6.23% in 2008-09, against 6.61% for 2007-08.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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