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: list of goods taxed at 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: VAT Audit :: VAT RATES
 
 
Indirect Tax »
 CBEC rechristened Central Board of Indirect Taxes and Customs
 Income tax department to challenge ITAT relief to Cairn Energy in HC
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target
 GST in last lap: What's in it for businesses, firms and most importantly, you?
 Indirect tax collection: All you want to know about stuck cases and rejected appeals
 Government achieves revised tax collection target
 Keep indirect taxes 'low, affordable' under GST

Indirect tax mop-up zooms 43pc to Rs 56,930 cr in Q1
July, 09th 2010

Indirect tax collection soared by a whopping 43 percent to Rs 56,930 crore in the first quarter of the current fiscal on the back of an upswing in industrial activity.

The revenue from customs, excise and service tax, which make up the indirect taxes, during the April-June quarter of the current fiscal stood at Rs 56,930.15 crore, up from Rs 39,693.78 crore in the year-ago period, a finance ministry official told PTI.

Out of the total indirect tax collections, realisation from customs zoomed by 60 percent to Rs 28,135 crore and excise by 55 percent to Rs 19,536 crore. Service tax collection, however, declined by 3 percent to Rs 9,258 crore during the reporting quarter.

The government has budgeted an overall tax mop-up of Rs 7.46 lakh crore during this fiscal. While Rs 3.16 lakh crore of this are expected to be realised from the indirect taxes front, Rs 4.3 lakh are expected to be collected from direct taxes, which mainly consist of corporate tax and personal income taxe.

Sources attributed the higher indirect tax collection to partial withdrawal of the stimulus measures in the budget, besides economic recovery witnessed in the current fiscal. Rising prices of crude oil in the international market also contributed to higher realisation from customs.

Finance minister Pranab Mukherjee in the budget raised excise duty from 8 to 10 percent and also increased duties on crude oil and petroleum products. The minister, however, did not raise the service tax rate retaining it at 10 percent.

The overall economic growth in the current fiscal is estimated at 8.5 percent, up from 7.4 percent in the previous fiscal. As per the latest figures, industrial production in April, the first month of the fiscal, jumped to 17.6 percent.

Reflecting the overall economic buoyancy, direct tax collection, which include corporate tax and personal income tax, rose by 15 percent to Rs 68,675 crore. Corporate tax collection soared by 21.65 percent to Rs 43,439 crore during the first quarter.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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