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
« Indirect Tax »
 CBDT notifies new I-T return forms
 Here are the key changes in tax rules to come into effect from today
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
 All education loans do not get income tax benefits
 FM Arun Jaitley to focus on direct and indirect taxes
 Income Tax For Individuals – Assessment Year 2019–20
 States set separate dates to implement e-way bill
 What are direct and indirect taxes?
 Indirect transfer conundrum continues
 We expect significant changes in income tax slabs, say taxpayers

Indirect tax collection reaches 31.2% of Budget estimate
September, 30th 2014

Revenue authorities have managed to collect over 31 per cent of target for indirect taxes in first five months (April-August) of the current fiscal that is, 2014-15. Indirect taxes include Customs duty, excise duty and service tax.

However, collection of Customs duty and excise duty are still sluggish during the five-month period, though both of them registered good growth in August itself. Customs duty is levied on the export and import of the goods while excise duty is levied on the manufactured goods at factory gate. Service tax is levied on various kind of services one uses.

According to data released by the Finance Ministry, total indirect tax collection increased to Rs. 1.94 lakh crore from Rs. 1.85 lakh crore showing an increase of 4.6 per cent. The Finance Ministry has set a target of collecting over Rs. 6.23 lakh crore for the full fiscal which requires collection at more than 25 per cent.

Last month, while addressing the annual conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax, the Finance Minister Arun Jaitley had said that the revenue targets in the case of indirect taxes for the current financial year are challenging but very much achievable. He said that last few years have been somewhat difficult as far as the Indian economy is concerned.

However, with focus on improving areas of manufacturing and infrastructure, things are likely to improve. At the same time, figures related with manufacturing sector during June and July are quite encouraging. Jaitley said that if this trend continues for a few more months only then it will constitute a pattern.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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