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: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT Audit :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD
 
 
Direct Tax »
 6 tax tasks you should finish by March 31
 CBDT to waive interest if tax demand paid in retro cases
 CBDT to waive interest if tax paid in retrospective cases
 New move to settle retrospective tax cases, CBDT offers interest liability waiver to firms
 I-T department guidelines for interest waiver in specific cases offer tax relief
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers
 Startups in the docks over marked down valuation tax as March 31 nears
 CBDT asks taxman to make all out efforts to recover arrears

Indian FM Says Consumption Tax Targets Achievable
August, 16th 2014

Revenue targets for indirect taxes for the 2014/15 financial year are challenging but achievable, Arun Jaitley, India's finance minister said on August 11, 2014, urging senior revenue officials to perform the dual role of facilitating tax collection and reducing tax evasion.

Addressing senior officers of the Central Board of Excise and Customs (CBEC) after inaugurating a two-day annual conference of Chief Commissioners and Director Generals of Customs, Central Excise, and Service Tax, Jaitley said that the "last few years have been somewhat difficult as far as the Indian economy is concerned," and "were coupled with either a static or negative growth rate especially in manufacturing, [and] as a result some of the indirect taxes took the hit."

The Government hopes to achieve a 25 percent increase in indirect tax collections this year. Discussing ways to boost consumption tax revenues, Jaitley said: "The cost of tax collection, both in case of direct and indirect taxes in our country, is not very high and further investment in strengthening the tax infrastructure in the country will bring better returns to the exchequer of the Government."

He stressed the need to reduce tax litigation and facilitate trade. Jaitley said that the government will favor trade facilitation to substantially reduce transactional costs for businesses, adding that "a large number of irritants created in the tax administration have been consciously addressed."

Shaktikanta Das, Secretary (Revenue), noted that the growth in the first quarter in indirect tax collections was 4.5 percent, but in June 2014, the growth was 13.5 percent overall. Sales tax growth of 28 percent was reported – above targets. He said: "It is in our interest to improve trade facilitation measures because they are ultimately going to be beneficial for ourselves."

Shanti Sundharam, CBEC Chairperson, added: "It is our endeavor to create a culture which encourages maximum voluntary tax compliance, and nurtures a predictable, credible, and stable tax regime. CBEC recognizes the importance of providing a non-adversarial regime and a tax design for our taxpayers, which complements the country's economic realities and business practices," adding that steps are being taken "to reduce litigation and institutionalize consultative mechanisms."

"The newly introduced provisions for pre-deposit, as also the amendments in the provisions for settlement commission and advance rulings would expedite the dispute resolution process," she said.

Looking ahead, she underscored the importance of the implementation of the goods and services tax, which remains the Government's top priority, and which she said will be a "game changing reform."

Implementation of a nationwide GST would introduce a simple, internationally-accepted tax regime to broaden the tax base and enable the country to lower trade tariffs. GST would replace the central sales tax, the state sales tax, entertainment tax, lottery tax, electricity duty, and value-added tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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