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: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARDS :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: articles on VAT and GST in India
 
 
« Indirect Tax »
 How it affects long-term capital gains tax calculations
 Should you opt for 'consultant' status to lower tax outgo?
 Income Tax department to issue ‘non-statutory’ letters in case of no reply
 E-commerce majors seek removal of tax at source on sellers
 New direct tax regime would benefit state
 Indirect tax collections increase by 16.9 per cent in January
 Tax officers to file self-appraisal report on e-assessment
 How are you saving tax this season? 10 funds saved tax & delivered 30% returns too
 Increase in taxpayer base will help bring down tax rate, says Arun Jaitley
 There is inconsistency in filing income tax, says CBDT Chairman
 Data analytics to help income tax dept catch evaders

Indirect tax collection target challenging but achievable
August, 13th 2014

Relying on a recovery seen in customs and excise duty receipts in the month of June, Finance minister Arun Jaitley on Monday said the revenue target of R6.2 lakh crore set for this fiscal for indirect taxes would be met.

“Revenue targets in the case of indirect taxes for the current financial year 2014-15 are challenging but are very much achievable,” the minister said at the annual conference of chief commissioners and directors general of customs, central excise and service tax here.

Due to contraction in both excise and customs duty collections, indirect tax receipts had grown only by 4.5% in the April-June period against a targeted 25% annual growth (from last year's actuals), but the trend appears to have changed in the month of June.

Positive growth in excise and customs had helped

indirect tax receipts to grow at 13.5% in June. Customs collection had grown at 6% and excise collections 8.1% in June, while service tax collections grew 27.9% in the month.

“In July 2014 also, the growth pattern is very good,” revenue secretary Shaktikanta Das said at the conference. The collection figures for July are awaited.

“Figures relating to the manufacturing sector in the months of June and July this year are quite encouraging. If this trend continues for a few more months only
then will it constitute a pattern,” a statement issued by the finance ministry said, quoting Jaitley.

Meeting the tax target is seen as a challenging task considering the economic survey has forecast GDP growth in 2014-15 between 5.4% and 5.9%.
The tax department is attempting to prevent tax evasion and encourage voluntary compliance in its attempt to boost revenue.

The Central Board of Excise and Customs has approved a CENVAT credit verification project, which will help in preventing misuse of the input tax credit facility, the statement said, quoting CBEC chairperson J.M. Shanti Sundharam.

The statement further said that CBEC was taking several steps to reduce transaction cost to taxpayers and to ensure speedy customs clearance at ports.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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