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: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: cpt :: due date for vat payment
 
 
Indirect Tax »
 Income Tax Department Steps up Actions under Benami Transactions (Prohibition) Amendment Act, 2016
 Register for GST, if you pay indirect, service tax
 Income tax raids on Uttar Pradesh bureaucrats on charges of tax evasion
 Only genuine farm income must be exempt from tax’
 CBEC rechristened Central Board of Indirect Taxes and Customs
 Income tax department to challenge ITAT relief to Cairn Energy in HC
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target

Indirect tax target challenging but achievable: Arun Jaitley
August, 12th 2014

Finance minister Arun Jaitley said efforts are under way to achieve the indirect tax collection target for the year even though the task is challenging.

Various analysts have questioned the government's revenue assumptions, in particular the indirect tax target, pointing it out as the key risk to attaining the fiscal deficit target of 4.1 per cent of GDP for FY15.

The revenue targets in the case of indirect taxes for the current financial year are challenging but are very much achievable, the finance minister said, according to a statement issued by the Central Board of Excise and Customs (CBEC).

Jaitley addressed the chief commissioners and directors general of customs, central excise and service tax on Monday. The finance minister said the past few years have been somewhat difficult for the economy and as a result, some of the indirect taxes took a hit. In recent months, manufacturing numbers have been very encouraging, Jaitley said.

The minister said the government is in favour of trade facilitation as it leads to a substantial reduction in transactional costs for businesses. On trade facilitation in taxation, he said a large number of irritants that had been created, especially in the tax administration, have been consciously addressed.

He emphasised that trade facilitation will bring in ease of doing business in the country. The finance minister asked senior officers of the CBEC to work as a facilitator for tax payers while at the same time take action wherever they find cases of revenue leakage or tax evasion.

The cost of collecting taxes, both direct and indirect, is not very high and further investment in strengthening the country's tax infrastructure will bring better returns to the exchequer, he said.

The minister also called for reducing tax litigation and a settlement mechanism to unlock money held up due to litigation.

Revenue Secretary Shaktikanta Das said although growth in indirect tax collections in the first quarter was only 4.5%, it was 13.5% in June and the pattern was good in July. Das said a lot of focus has been given towards simplification of procedures, rationalisation measures and ensuring that the department plays a non-adversarial role.

CBEC Chairperson J M Shanti Sundharam said the department with its wealth of experience is confident of its ability to administer the Goods and Services Tax (GST), which is on the government's agenda.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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