Latest Expert Exchange Queries

Make 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) | 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: empanelment :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT Audit :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt
 
 
Direct Tax »
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation
 Income Tax Return (ITR) Filing: Common Mistakes That Could Get You A Tax Notice
 Income Tax department asks tax practitioners to register entities separately
 Last Date To File Income Tax Return. Here Are The Details
 New tax regime will deliver a mixed bag with some items turning costly
 New members at CBEC, CBDT
 CBDT signs 5 more unilateral advance pricing agreements with taxpayers
 Find out potential taxpayers; focus on smaller cities: CBDT to taxmen

Strategy in the works to collect additional Rs 92,000-cr taxes
August, 10th 2011

The finance ministry has chalked out a multi-pronged strategy, including cracking down on black money holders and unlocking money held up in litigations before appellate bodies, to mop up another Rs 92,000 crore of taxes over the Budget estimate.

At a recent review meeting by finance minister Pranab Mukherjee on strengthening the tax administration to achieve the tax collection target, the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) shared the strategy to mop up extra revenues.

Mukherjee has met senior officials of CBDT and CBEC to understand new strategies adopted for collecting extra revenues. Due to a strong emphasis by him, departmental promotions have been completed well in advance. The revamped tax administration will give further push to revenues, said a finance ministry official.

The minister had asked the two boards last month to increase their tax collection targets by 10 per cent. The government is trying to maximise tax collections, as its fiscal situation is constrained and markets do not look promising for disinvestment.

Its optimism on tax targets comes from the first quarter net indirect collections, which were up by 23 per cent.

Gross direct tax collections were also up 32 per cent, but due to huge refunds, net receipts fell 17 per cent. In the Budget, the government had set a target to collect Rs 532,000 crore of direct taxes and Rs 392,908 crore of indirect taxes in 2011-12.

A 10 per cent increase would mean another Rs 53,000 crore from direct taxes and Rs 39,000 crore from indirect taxes. The boards told Mukherjee they would be able to collect a significant part of the additional revenue targets.

To ensure more efficiency in tax collections, the ministry has decided to trace black money, strengthen the administration of service tax by deploying more manpower, streamline procedures and legislative measures, unlock revenue locked up in appeals before tribunals, commissioner appeals, high courts and the Supreme Court, and fill up high posts in both departments by promotions.

Strict enforcement of the tax deducted at source mechanism is also a part of the ministrys strategy to give a fillip to tax revenues. Instructions have also been issued to strengthen the tax administration by taking measures like identification of stop filers, conducting special audit and liquidation of arrears.

To expedite cases involving locked up revenue, the ministry is seeking vacation of court orders, pursuing early hearings in matters involving significant revenue, and subject-wise clubbing of cases for hearing to facilitate faster disposal. It is also avoiding further litigation in matters involving small amount of revenue and constituting a dedicated panel of counsels for defending the department in courts. About Rs 4680,000 crore is locked up in appeals at various levels.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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