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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT RATES :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: list of goods taxed at 4% :: cpt :: empanelment :: VAT Audit :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
« Sales Tax »
 Amendment to Additional Sales Tax Act unconstitutional: High Court
 Maharashtra will soon achieve Rs one lakh cr sales tax : CM Devendra Fadnavis
 CBEC chief bats for minimal exemptions for India Inc under GST
 Issuance of Free Sale & Commerce Certificate to Merchant Exporters
 Why model GST law does not give confidence to exporting community
 State governments tighten their grip on sales tax holidays
 Income tax dept charts plan to broaden national taxpayer base
 Sale of shares on which STT is payable is exempt from tax
  Sale of Government of India Treasury Bills by Auction
 New tax treatment of sale of unlisted shares brings more certainty, less litigation
 Simpler tax laws, low rate can help get more people to pay up

Govt hopeful of meeting tax targets
September, 21st 2012

The Centre, on Thursday, said it was hopeful of achieving the tax collection targets despite the global economic slowdown and its impact on the domestic economy.

The government has fixed direct tax target of Rs 5.70 lakh crore for the current fiscal, the indirect taxes, comprising customs, excise and service tax collection target at Rs 5.05 lakh crore. We are hopeful of meeting both, the direct and indirect tax collection targets fro the current year, Revenue Secretary Sumit Bose said.

Tax officials are concerned it may not be easy to achieve growth in taxes at a time when manufacturing sector growth has slipped  below one per cent and farm sector is also not showing any encouraging signs impacting overall economic activity.

In 2011-12, the Centre could achieve the direct collection at Rs 4.95 lakh crore, which was marginally down from the revised target of Rs 5.05 lakh crore. The indirect tax mop-up too stood at Rs 3,92,781 crore or 99.6 per cent of the Budget Estimate.
The Central Vigilance Commission on the other hand emphasised on simplification of indirect tax laws service and excise to ensure that they are not wrongly interpreted and facilitate in easy tax collection.

Simplification of tax laws will be a welcome step. As far as possible, make it simple so that it is not subject to interpretation differently by different parties. For example, if two commissioners interpret laws in different ways then there will be problems. Similarly a tax payer and his lawyer, they interpret it in different ways. Then there is a question mark whether the law is currently effective or requires any amendments, Vigilance Commissioner J M Garg said at a conference here.

He said although a lot of efforts are being made in this direction but still there is a continuous need to find ways as to how these laws can be made more simpler so that it is easier for tax collectors and payers.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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