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% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: articles on VAT and GST in India :: empanelment :: TDS :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: due date for vat payment
 
 
« News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

Government looking at raising direct tax revenue
August, 22nd 2008

The government is looking at increasing revenue through direct tax collections and eliminating incentives and exemptions said Revenue Secretary PV Bhide at a Ficci seminar in the capital today. The government is not in favour of raising indirect tax collections as they add to inflation. The only option for the government is to increase revenues through the collection of direct taxes, he said. Incentives and exemptions on the other hand add to the cost of tax compliance, raised inequity and caused loss of revenue to the government.
The government aims to restrict the fiscal deficit to 2.5% of GDP this year. But with ballooning food and oil imports, a higher wage bill on account of the latest Pay Commission recommendations, farm loan waiver and subsidies, there is serious doubt expressed on whether the government will be able to meet its target.
The Revenue Secretary added that the government was on track to introduce GST by April 1, 2010. He informed that the state were looking at a rate of between 16 to 20% and are still not unanimous on the issue but were on the same page as far as the application of GST was concerned. The empowered committee of state finance minister has submitted its report. We are presently considering the same, he said.
With a worsening fiscal situation and rising inflation the government is paying serious attention to spruce up its tax administration process. With an aim to make the tax returns more transparent and error free the government is looking at more and more use of technology. We aim to make the first level of assessment free of the human interface over the next two to three years, said Bhide.
Companies and individuals would do well to get ready for a tighter tax policy and also get used to life without incentives and exemptions.

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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