Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: cpt :: TDS :: VAT Audit :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: form 3cd :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
« Indirect Tax »
 Indirect taxes collection could fall short of target due to GST
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory

Soaring indirect tax collection points to robust economy
August, 11th 2011

Despite the duty cut on crude and petroleum products in June, indirect tax collections in July registered a 27 per cent growth. The Chairman of Central Board of Excise and Custom, Mr S. Dutt Majumdar, told Business line, The current rate of growth shows that economy is on the strong path.

These numbers are for the first full month since the duty reduction on crude, petrol and diesel on June 25.

Excise duty collection rose five per cent in July. Had it not been for the cut in excise duty, which is collected at the factory gate, Mr Majumdar felt that the growth would have been over 18 per cent. The reduction in excise duty cost the Government Rs 1,600 crore in just one month. In June, to protect the consumers as well as the public sector oil marketing companies from volatility in global crude oil prices, the Government had lowered the Customs duty on crude from five per cent to zero with corresponding reduction in the Customs duty on petroleum products. At the same time, the excise duty on diesel was reduced by Rs 2.60 a litre.

It is estimated that the Government will incur an annual net loss of Rs 26,000 crore (net of States' share) during the current financial year because of the restructuring of duties.

Although the CBEC is excited over the growth of Customs and excise duty collections, it is cautious over the 50 per cent growth in service tax collections. We should not be elated (over service tax collection). We must remember that this is the first month after the point of taxation was introduced and tax paid on the accrual basis. We cannot expect the same growth for the coming months, sources said.

Despite the significant growth in service tax collections, the Board is working hard to plug loopholes to further increase the numbers. It wants to focus on those that have stopped filing returns, especially the high-valued assessees. . The Board estimates that nearly 6 lakh, out of 15 lakh service tax assesses, have stopped filing returns. The Board fears some of them might be defaulters.

We have been treating service providers with kid glove. They have to reciprocate, if they don't, law will take its own course, warned a senior Finance Ministry official.

The Government aims to collect nearly Rs 4 lakh crore through indirect taxes. Although slowdown in manufacturing and duty reduction on crude and petro products are creating an impression that the target may not be achieved, with the latest figure the Finance Ministry is hopeful of meeting the targets.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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