Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: cpt :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT RATES
« Indirect Tax »
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
 All education loans do not get income tax benefits
 FM Arun Jaitley to focus on direct and indirect taxes
 Income Tax For Individuals – Assessment Year 2019–20
 States set separate dates to implement e-way bill
 What are direct and indirect taxes?
 Indirect transfer conundrum continues
 We expect significant changes in income tax slabs, say taxpayers
 Indirect taxes collection could fall short of target due to GST
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
 What is a belated income tax return and what are its consequences

Indirect tax takes a hit
July, 18th 2009

The excise duty and service tax rate cuts announced as part of the stimulus packages last fiscal have predictably dented the Centres indirect tax revenues in the first quarter this fiscal.

The Centres Customs duty revenues in April-June 2009 stood at Rs 17,858 crore (provisional), which is a 37-per cent decline over Rs 28,459 crore collected in the same period last fiscal. The decline in value of imports for the quarter under review could have also led to lower Customs duty collections. On the excise duty front, provisional data available with the Revenue Department put the collections for April-June 2009 at Rs 17,291 crore, a 31-per cent decline over Rs 24,978 crore collected in the first quarter last year.

The impact of the service tax rate cut in February has been somewhat subdued. Provisional data show service tax collections for the first quarter at Rs 9,543 crore (Rs 9,815 crore)

Proposal shot down

In the run-up to the full-fledged Budget for 2009-10, there was a big debate among policy makers if the excise duty and service tax rates should be rolled back to the pre-stimulus level.

While the top brass of the Revenue Department was in favour, the proposal was not taken to its logical conclusion as the Finance Minister decided that economic growth should be given a boost even if it meant higher fiscal deficit and lower revenue receipts. The Finance Ministry is betting on economic recovery in the next three-four months.

The Finance Secretary, Mr Ashok Chawla, has already indicated that the Government may review the tax rates only at the time of the next Budget in February 2010. He has virtually ruled out a mid-course correction this fiscal in terms of the tax rates.

After the third round of stimulus package in February 2009, the median Cenvat rate, that brings the bulk of excise revenues, was down to 8 per cent. It was 14 per cent in the first quarter last fiscal. According to the latest data , the Centres Customs duty revenues during 2008-09 stood at Rs 99,817 crore (provisional), lower than the collection of Rs 1,04,119 crore in the previous year.

Excise duty collections too saw a decline in 2008-09 at Rs 1,09,346 crore (provisional), lower than the collections of Rs 1,23,425 crore. Service tax collections in 2008-09 stood at Rs 60,716 crore (Rs 51,301 crore).


Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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