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: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: empanelment :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARD :: cpt :: TDS
 
 
Direct Tax »
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements

'Hope goddess luck smiles on me again this year'
July, 22nd 2011

Amid fears of the government missing the deficit targets for the year, finance minister Pranab Mukherjee on Thursday said the government could exceed its direct tax collection target by around Rs 10,000 crore given the trends so far.

But the bad news is that with the government also facing pressure on increasing spending to account for higher subsidies and the fiscal deficit target of 4.6% of gross domestic product (GDP) is seen to be under strain. Mukherjee acknowledged that it would be difficult to meet the target but he had not given up yet. He is again betting on spectrum to bail him out. "Hope Goddess Luck smiles on me again as it smiled (last year) on 3G spectrum ," the minister said.

But the higher than budgeted tax collections could come handy. Between April and July 20, gross direct tax collections increased by 26% and finance ministry officials believe the industrial slowdown is unlikely to significantly impact revenue collections. Mukherjee also sought to draw comfort from the over 30% rise in customs and excise collections. "Service tax collections have made a strong recovery and the growth is 34% so far," the minister said.

The government has budgeted to mop up Rs 9.32 lakh crore by way of tax collections and several economists and policymakers fear the Centre could miss the target given the slowdown that is already visible in segments such as automobiles.

Along with taxes, the minister was also bullish on exports , especially due to the diversification of the export and product basket. Exports have been rising close to 40% though the government acknowledges that the pace would moderate in the second half. The other positive in the government's assessment is the rise in foreign direct investment inflows. FDI inflows in April-May , 2011 rose 77% to $7.79 billion from $4.39 billion a year ago and with several deals in the pipelines, such as Cairn-Vedanta and Reliance BP, this number is only going to rise.

However, the overall economic growth is a concern, with the government lowering the projection to 8.6%, compared to suggestions of over 9% expansion just two months ago.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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