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 :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: ACCOUNTING STANDARDS :: TDS :: form 3cd :: ACCOUNTING STANDARD :: cpt :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

Tax Revenue May Exceed Aim
July, 14th 2009

India can raise 100 billion rupees ($2.05 billion)-120 billion rupees more in tax revenue than estimated by its annual budget, as previous stimulus packages and an easy monetary policy help boost consumption, a senior finance ministry official said Monday.

India is targeting 6.41 trillion rupees of gross tax revenue in the fiscal year that started April 1, up 2% from the 6.27 trillion rupees collected a year earlier.

"The budget estimates have been conservative since we felt there was no need to set a higher target, which we may not be able to achieve if the economy suffers some external shocks," the official, who asked not to be named, told Dow Jones Newswires.

According to the budget estimates for this fiscal year, the government expects a near 16% annual rise in corporate tax revenue to 2.57 trillion rupees.

But it is likely to exceed this target as corporate earnings are likely to be robust in the three months ended June, as indicated by bellwether Infosys Technologies Ltd.'s better-than-expected 17% rise in its net profit.

A revival in industrial output, triggered by consumer goods, is also expected to increase direct tax collection, despite a reduction in the government's personal income tax revenue target for this fiscal year.

India's May Industrial output rose at its fastest pace in eight months to 2.7%, sharply higher than the market expectation of a 1.3% expansion.

Consumer goods output in May rose 1.2% from a year earlier, reversing a 4.7% contraction in April, evidence that demand in the sector is on the upswing.

In an effort to boost demand, Finance Minister Pranab Mukherjee raised the exemption limits on personal income tax to keep more cash in the hands of consumers.

The move resulted in the government forecasting this fiscal year's personal income tax revenue at 1.13 trillion rupees, nearly 8% lower than the 1.23 trillion rupees a year earlier.

"This sacrifice was needed to help boost spending within the economy," the official said. "As the economic expansion starts to gain pace, we expect direct tax collection will gather momentum."

The economy grew 6.7% last fiscal year, slowing from a 9% expansion a year earlier. The government expects it to grow between 6.25% and 7.75% this fiscal year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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