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
« Direct Tax »
 TDS different while buying NRI property Income tax return (ITR) filing
 CBDT plan to incentivise ‘quality orders’ worries trade
 How to save tax using the demat account?
 Income tax returns (ITR) filing: These are evasion cases picked up by Income-Tax department for scrutiny
 Did you get a defective income tax return notice? ITR filing
 Income Tax returns (ITR) filing: All your transactions are under taxman's scanner
 How to pay tax on cryptocurrency assets in India
 Received an income tax notice? Here's what it may mean
 Government appoints 2 new CBDT members
 Here are 6 ways to do it ITR verification
 What is the tax liability on sale of a jointly held property?

Gross direct tax mop-up flat in Apr-Aug
September, 11th 2012

Gross direct tax collections (inclusive of refunds) increased by merely 6.51 per cent to Rs 1.64 lakh crore in April-August against Rs 1.54 lakh crore in the corresponding period last year. The muted growth can be attributed to almost flat corporate tax collections during the five-month period, reflecting subdued outlook on both economic growth and industrial output.

Gross collection of corporation taxes showed a meagre increase of 0.15 per cent and stood at Rs 96,738 crore at the end of August against Rs 96,597 crore a year ago. Gross collection of personal income-tax, on the other hand, was up 17.09 per cent at Rs 67,420 crore against Rs 57.582 crore, the finance ministry said in a statement on Monday.

Around 6,000 companies pay 90 per cent of corporation taxes, which constitute 65 per cent of direct tax collections. Corporation tax collections have remained subdued this year as gross domestic product growth came down to 5.5 per cent in the first quarter of 2012-13 against eight per cent in the year-ago period. Industrial output contracted 0.1 per cent in the quarter against seven per cent a year ago.

Net direct tax collections increased 28.15 per cent to Rs 1.24 lakh crore during April-August against Rs 96,738 crore in the year-ago period. The high growth was mainly on account of moderation of income-tax refunds this year, compared with huge refunds issued in the first few months last year.

Growth in wealth tax was 40.63 per cent and stood at Rs 225 crore against Rs 160 crore. Collections from securities transaction tax (STT) fell 14.94 per cent to Rs 1,719 crore, compared with Rs 2,021 crore a year earlier.

Net direct tax collections at Rs 1.24 lakh crore are just about 21.7 per cent of the Budget Estimate of Rs 5.70 lakh crore for this year. Finance Minister P Chidambaram and the Central Board of Direct Taxes (CBDT) have exuded confidence that the target would be met despite a slower growth in the year so far.

Chidambaram recently said the collections would pick up in the second half and September advance tax collection figures would give an indication where the collections were headed.

To raise its tax collections, the ministry would focus on increasing the tax base, making people file returns and quickening the process of assessment.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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