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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?

Direct tax collections may surpass indirect taxes this fiscal
September, 10th 2007
For the first time ever, the Centres direct tax collections may surpass the indirect tax collections this fiscal, if the current trend in tax revenue mobilisation is any indication.

This (direct tax exceeding indirect taxes) could happen this fiscal going by the early trend till now, a revenue department official said.

In April-August this fiscal, the Centres net direct tax collections grew 42 per cent to Rs 61,030 crore as compared to Rs 42,980 crore in the same period last year.

Although the net direct tax collections in April-August 2007 is lower than the indirect taxes collections in April-July 2007 of about Rs 80,000 crore (the latest official data available till now), sources pointed out that the growth in direct tax collections has been above 40 per cent in each of the months so far this fiscal.

There are strong indications to show that this trend is likely to be maintained during the rest of the current fiscal, they added.

Budgeted collection

For 2007-08, the Centre has budgeted direct tax collections at Rs 2,67,490 crore, which is only about 27 per cent over the budget estimate of Rs 2,10,684 crore. According to the revised estimates, the Centres direct tax collections in 2006-07 stood at Rs 2,29,272 crore, which represents a 38 per cent increase over collections of Rs 1,65,202 crore in 2005-06.

Analysts point out that even if a conservative 30 per cent growth materialises this fiscal, the Centres direct tax collections would comfortably surpass the budget estimates of indirect taxes, which has been pegged at Rs 2,79,190 crore for 2007-08.

In all through the post-reforms era, the tax policy focus has in a way shifted from indirect taxes to direct taxes, with the taxation of earnings of individuals and corporates gaining more importance than production and trade.

In fact, 2006-07 was the first year when corporation tax emerged as the biggest taxation source for the Centre, comfortably exceeding the excise collections for that year.

In 1990-91, less than a fifth of the Centres gross tax revenues came from direct taxes. Now direct taxes account for almost 50 per cent of the Centres gross tax revenues.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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