Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: due date for vat payment :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: cpt :: VAT Audit :: TDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 Can the TDS liability under GST be fixed with retrospective effect?
 New direct tax law coming
 Government sets up a panel to draft new direct tax law
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance

Ministry sees scope for higher direct taxes share in overall tax kitty
August, 21st 2008

The Finance Ministry sees scope for increasing the share of direct taxes in the overall tax kitty of the country, noting that the current level of 35 per cent stood much lower when compared with the 55-60 per cent level in many other countries.

Asserting that this stance was by no means a signal for higher direct tax rates, the Revenue Secretary, Mr P.V. Bhide, told a FICCI tax conference here that direct taxes could prove to be the only available source of additional resource mobilisation for the Central Government in the coming days.

He said that Government would in future have no other option but to start working on elimination of income tax incentives and exemptions that had outlived their utility besides bringing in non-invasive deterrence measures.

Option of additional revenue mobilisation through indirect tax is no longer available. Excise duty rates are minimalistic. As we get into GST negotiations, there is little we can do to move into higher rates. There are also international obligations on the imports (customs duty) side. So the additional resource mobilisation has to come from direct taxes, Mr Bhide said.

Stating that fiscal deficit control has become an economic necessity and legal obligation, Mr Bhide said reducing fiscal deficit had become all the more important in the wake of current spiral in inflation. Earlier, the reduction in fiscal deficit was needed to prevent crowding out of investment, but now this has become imperative due to present inflation situation, he noted.

Currently, the countrys tax-GDP ratio stood at 17.5 per cent, with the same measure at the central taxes level at 12.5 per cent. Mr Bhide said that direct taxes-GDP ratio stood at 6.5 per cent.

Tax experts attending the conference felt that eyeing direct taxes for more revenues could be laudable effort, but noted that there was no justification in continuing with existing high tax rates to sustain the collections growth trend.

One should not lose sight of global tax competitiveness in the present scenario where emerging economies are vying to get their share of FDI. Therefore it is widening of tax base that is important to sustain momentum in collections rather than making a case for continuing with existing higher tax rates, Mr Aseem Chawla, Partner, Amarchand & Mangaldas, told Business Line.

 

 
 
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