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% :: due date for vat payment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: empanelment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: TDS
 
 
« Service Tax »
 Credit Note And Debit Note Under Gst
 Demonetisation hits service tax, excise duty collection
 GST on a knife-edge as states act tough
 Parliament Winter Session: Govt keen on proper discussion on GST Bills
 Service Tax revision to make digital content expensive: Here’s how it will impact you
 GST Council may reduce tax slabs in future: CBEC chief
 Govt to waive service tax on card transactions up to Rs 2,000
 Recovery Of Tax Under Model Gst Law
 Income Tax officials hunt for Mumbai’s ‘ghost’ assessee
 GST delay to impact Budget
 If GST not rolled out by Sept, there won't be taxation in country, warns Jaitley

Tax mop-up grows despite slowdown and duty cuts
August, 10th 2011
The drop in direct tax receipts in April-June on account of higher refunds has also been arrested, with net direct tax collections in July increasing 26 per cent. The collections stood at Rs 21,400 crore, against Rs 16,972 crore in the corresponding month a year ago.

The number of tax refunds came down to Rs 7,000 crore in July compared to earlier months, taking the total refunds in April-July to Rs 53,000 crore a little less than Rs 57,000 crore of refunds issued in the entire 2010-11. Due to a higher refund outgo in the four-month period, net direct tax collections for April-July stood at Rs 79,000 crore, about eight per cent lower than the corresponding period of 2010-11.

Direct tax collections so far are only about 15 per cent of the Budget Estimate of Rs 5,32,651 crore for the current financial year. The collections are usually higher in the second half of the year. Indirect tax receipts in April-July, on the other hand, are 32 per cent of the Budget Estimate of Rs 3,92,908 crore. Indirect tax mop-up in the first four months has increased 16.4 per cent to Rs 31,493 crore.

The rise in indirect tax collections in July was driven by a 54.7 per cent rise in service tax receipts to Rs 7,783 crore. Customs duty kitty swelled by 11 per cent to Rs 11,483 crore, whereas excise duty collections showed a small increase of 4.7 per cent to Rs 12,227 crore. The finance ministry suffered a loss of Rs 1,600 crore in July due to a removal of excise duty on diesel. It had to forgo over Rs 1,400 crore on account of a reduction in the basic customs duty rate on petroleum products.

Central Board of Excise & Customs chairman S Dutt Majumder, when contacted, said: This is a good showing despite the duty cuts. It shows manufacturing is not doing that bad. In service tax, we cannot expect the same kind of growth in the coming months but it may still grow at 30-35 per cent.

He said the huge jump in service tax collections was due to the introduction of Point of Taxation Rules where the assessee has to pay service tax on accrual basis to the government in advance.

TAX COLLECTIONS 
Net Indirect 
Tax Collections
(in Rs  cr)
Apr-Jul 
'10-11
Apr-Jul 
'11-12
Chg 
(%)
Jul 
'10-11
Jul 
'11-12
Chg 
(%)
Budget
Estimates
Customs 38,840 50,705 30.5 10,350 11,483 11 1,51,700
Excise Duties 40,283 47,757 18.6 11,680 12,227 4.7 1,59,208
Service Tax 19,934 27,454 37.7 5,030 7,783 54.7 82,000
Total 99,057 1,25,916 27.1 27,060 31,493 16.4 3,92,908
Net Direct  85,647 79,000 (-)8 16,972 21,400 26 5,32,651
Tax Collections

The growth in excise and customs without the duty cut would have been about 18 per cent and 25 per cent for excise and customs, respectively.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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