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 :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD :: cpt :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4%
« Service Tax »
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses
 GST to subsume over a dozen Central, State taxes
 Incidence of indirect taxes won't go up under GST
 Advanced Budget date: Absence of a GST rate may present estimation challenges
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant

Bengal witnessing good growth in service tax collection
June, 29th 2012

The debt ridden West Bengal government may get hundred crores more from the share of indirect central taxes in this fiscal due to good growth in excise and service tax collection from the state in this financial year so far.

Going by the indication, the combined collection of service tax, excise tax and customs duty could be more than Rs 25,000 crore from Kolkata circle, which would be Rs 5,000-5,500 crore more than 2011-12.The states get share of excise and customs duty though service tax distribution formula has not yet been worked out. The commissioner of service tax and central excise Sunil K Das though was tight lipped about the figures but he added that there was a good growth in service and ex-cise tax last year and it could be even better this year.

"The collection of service tax will be definitely much better this year following the new service tax regime from July 1. The excise collection is also good," he added. He was talking to reporters after an interactive session with the members of MCC Chamber of Commerce and Industry. Incidentally, from July 1,2012, service tax is set to be imposed on all services except those specified in the negative list. As a result barring 17 items under the nega-tive list everything will come under tax. The states get 2.5% of the central tax collected from the region except service tax.

The service tax and central excise commissioner said that there was a growth of 37% in the service tax collection from Bengal in 2011-12 which was one of the highest in the country. "The total collection was Rs 3,200 crore which is good," he added. The tax experts feel that the figure should be double this year with introduction of new areas under service tax. In the excise front, the state had registered a growth of 25% in excise tax collec-tion. "The collection of excise tax was Rs 7,500 crore while customs duty was Rs 7,600 crore," he added. The total service tax collection in India was Rs 97,000 crore in 2011-12 from Rs 64,000 crore in 2010-11. It may be noted that the state government is hoping to cross Rs 30,000 crore revenue collection mark from state taxes this year. The state finance minister had earlier said that it has collected additional revenue of Rs 4,000 crore in 2011-12 though there was no new tax. It was Rs 25,000 crore in 2011-12 compared to Rs 21,000 crore in 2010-11.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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