Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: form 3cd :: empanelment :: cpt :: ACCOUNTING STANDARD :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: VAT Audit
 
 
General »
 Norms for filing tax are the same for residents and non-residents
 Data shows new tax regime widely adopted
 Confusion over GST persists: Wholesale grain market affected, sales fall by 40 percent in Pune
 Slow tax growth reflects companies' GST troubles
 What is PAN card? Why is it important?
 Govt to cut down executive discretion on tax laws
 Businesses can start filing July returns on GSTN from August 5
 Are you earning abroad? Know the tax rules
 Attention last minute tax filers! Know about key changes made by govt this year
 Accounting relief for IndAS companies
 How you can reduce your tax to zero if you have income within Rs 10 lakh

Tax sops review on the cards
September, 25th 2009

The massive duty cuts introduced by the government six months ago to battle the slowdown have hurt a lot more than the exchequer could truly afford.

So, a review is on the cards to beef up the coffers much sooner than was initially expected.

Six months into the new fiscal and there are indications the government will revisit the massive duty cuts done to prop up the economy, earlier than expected.

Finance ministry officials have told NDTV that the review on excise and service tax rate cuts could begin as early as next month.

Finance Minister Pranab Mukherjee is planning to revisit the excise and service tax rate cuts as early as October.

NDTV learnt from government sources that the review might happen just after the state assembly elections, against the November-early December period planned earlier.

Interestingly, the finance ministry's internal assessment indicates that duty cuts have affected revenue collections far more than the economic slowdown.

For instance, during April-June quarter the excise collections due to the slowdown would have fallen by a mere Rs 700 crore or a three per cent dip. But instead, it suffered an actual loss of Rs 7000 crore or a 28 per cent fall due to the cut in excise rates.

Similarly, service tax collections have been projected to actually grow by over Rs 3770 crore, which is a massive 40 per cent jump.

But due to the duty cut, collections actually fell by Rs 3500 crore, almost a 37 per cent fall.

This clearly indicates that the domestic slowdown is not as bad as has been made out to be.

In the final analysis, the finance ministry has said that the total hit on indirect tax collections during the first quarter would not have been more than Rs 4000 crore due to the economic slowdown, had the duty rates remained unchanged, as against the Rs 14,000 crore actual loss to the exchequer due to the duty cuts.

The bigger story, however, is from the customs duties side, which has shown a higher drop in collections with a revenue loss of Rs 3,524 crore. The government decision to end the sops will help manage the fiscal situation much better.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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