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: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: VAT RATES :: ACCOUNTING STANDARDS :: TDS :: list of goods taxed at 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company
 
 
« Indirect Tax »
 Grey areas remain for foreign investors on tax issues
 GST: New indirect tax regime to remove inter-state barriers, stimulate exports, says Nirmala Sitharaman
 Cabinet Approves 4 GST Supplementary Bills
 GST Council approves all five draft bills ahead of new indirect tax regime
 CAG questions income tax deparment’s ability to probe shell companies
 Income from MF investments must be shown in income tax returns
 Indirect tax higher than direct tax revenues in April-Feb
 Many foreign investors reach out to tax experts about indirect transfer of shares provisions
 How changes in capital gains norms impact your portfolio
 It's time to really pull up India's out-of-control banks
 Quest to widen direct tax net

Spurt in indirect taxes indicates economic recovery
June, 12th 2015

The finance ministry on Thursday said the spurt in indirect tax collections this fiscal was an indication of economic recovery though there was some need for caution as these were only early indications.

"If you look at 12.6% increase in April-May indirect tax revenues... The revenue growth is healthy, and all things taken into effect, it should reflect a kind of underlying recovery in economy," Chief Economic Advisor Arvind Subramanian told reporters here. Indirect tax collections during the first two months (April-May) of the current financial year increased to Rs 96,128 crore, up 39.2% over the year ago period. The collection figures reflect in part the effect of the additional measures taken by the Centre, including increase in excise duty on diesel and petrol, hike in clean energy cess, and withdrawal of exemptions for motor vehicles and consumer durables.

After taking-out the impact of these additional measures, indirect tax collections have shown an increase of 12.6% for the two-month period April-May 2015. Subramanian, however, cautioned saying one should be careful and appropriately cautious because these are only the collection figures of two months. "To some extent these numbers are going to be high because of base effect, corresponding collections last year were somewhat down. That too is a caveat (which) needs to be noted," he said, adding the effect of a higher base could kick in about June-July. Subramanian said the figures reflect that there is momentum and economy is picking up. "What it says about underlying nominal GDP growth is encouraging." During the two-month period, central excise collections increased to Rs 38,535 crore, an increase of 88%.

Customs collections was higher at Rs 29,986 crore, up 19.5%. Service Tax mop up rose to Rs 27,607 crore, up 17.6% annually. Subramanian said the indirect tax revenue number is real money and based on real underlying economic activity. The economy expanded by 7.5% in the January- March quarter.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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