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 :: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd :: TDS :: list of goods taxed at 4% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ACCOUNTING STANDARDS
 
 
Indirect Tax »
 Double-digit Increase in Direct, Indirect Tax Collection, Says Arun Jaitley
 What is Direct tax?
 Indirect tax mop-up rate slows after note ban, Jaitley dismisses slowdown
 Tax buoyancy improves, thanks to indirect levy
 FM may unveil GST timeline, state compensation corpus on Feb 1
 Direct and indirect tax collection to exceed budget estimates this fiscal: Jaitley
 Startups brace up for legal war with Income Tax department
 Which investment is best suited for you to save tax
 Here's how you can save tax on health insurance premium
 Failed expectations? Tax mop-up may decline in new amnesty scheme
 Budget to deal with direct taxes

Confident of meeting indirect tax collection target: FM
June, 06th 2012

Finance minister Pranab Mukherjee on Monday said indirect tax collection for the current fiscal could be achieved as a reversal in the interest rate cycle could lead to a recovery in the growth momentum. The government is targeting to collect more than Rs. 4.99 trillion in indirect taxes in 2012-13.

Pranab Mukherjee . Photo by PTI.
Mukherjee, while addressing the annual conference of chief commissioners and directors general of customs, central excise and service tax, said that given the increase in central excise and service rate to 12% from 10% and the buoyancy in service tax collections, the government is confident of achieving the target.
For the 2011-12 fiscal, indirect tax collection was at Rs. 3.92 trillion against the revised estimates of Rs. 3.94 trillion.

He stressed the need for reversing the trend of a declining tax- GDP ratio by augmenting tax collections. This ratio was nearly 12% in 2007-08 but has dropped to around 10.5% in 2011-12, he said.

Mukherjee said a normal monsoon, lower international crude prices, an easy money policy along with an improvement in the quarterly investment growth rate should help the economy recover.

But given the disappointing fourth quarter GDP numbers, economists point out that the growth projections for the current fiscal may be difficult to achieve. Rating agency Crisil on Monday lowered its growth projection for the Indian economy to 6.5% from its March 2012 estimate of 7%.

The forecast has been scaled down in view of rising downside risks from recession in the Eurozone, muted domestic investment demand, a domestic policy logjam, and limited fiscal and monetary space to stimulate the economy, Crisil said in a note.

The economy grew at 5.3% in the fourth quarter of 2011-12 with the full year GDP at 6.5%, substantially lower than the governments earlier projection of 6.9%.

 
 
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