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: due date for vat payment :: cpt :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: articles on VAT and GST in India :: VAT RATES :: VAT Audit :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: form 3cd
« Indirect Tax »
  Indirect Tax collections up
 A GST rate that can unlock India’s potential
 Why India fared badly in World Bank’s Doing Business survey
 Income Tax dept to intensify anti-black money operations
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up

Despite fuel duty cuts, indirect tax target to be met
July, 16th 2011

Unfazed over a dent of Rs 37,000 crore due to duty cuts on fuels, the indirect tax division of the finance ministry is quite confident that it will be able to meet the target for Rs 3.97 lakh crore this financial year by toning up administration to identify service tax evaders.

Duty cuts for petroleum products will hit the exchequer to the tune of Rs 49,000 crore in a year. As part of it would have been devolved to states, the Centre will take a hit of Rs 26,000 crore on a net basis, Central Board of Excise and Customs Chairman S Dutt Majumdar said, on the sidelines of a function to mark 150 years of the Income Tax Department.
For the first quarter of this financial year, customs duty and service tax collections rose 33 per cent each, while excise duty mop up was up by 27 per cent year-on-year.

Altogether, indirect tax collections were up 30 per cent in the first quarter, Majumdar said. The first quarter collections figure shows there is no slow down in the economy, the CBEC chairman said, adding though the hit from duty cuts will be felt now.

Late last month, the Centre has cut import duty on petrol and diesel from 7.5 per cent to 2.5 per cent and reduced the excise duty on diesel Rs 2.6 to Rs 2 a litre. The duty cuts were announced when the government raised prices of domestic coking gas, diesel and kerosene (sold under public distribution system).

Majumdar said the board will try to offset the hit by streamlining administration to plug loopholes in tax collections. One of the ways will be to identify those not paying service tax, he said. There are 16 lakh entities registered for this purpose. But, only six lakh entities pay service tax.

We will identify who are these nine lakh entities that are not paying service tax, he added.

The Centre has fixed a target to mop up over 17 per cent through indirect taxes over the last financial years figures.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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