indirect tax

Indirect tax collections have increased by over 16 per cent to 2,85,787 crore rupees during April-December in the country. This is mainly driven by an uptick in service tax collection. Total collection of indirect tax in Customs, Central Excise and Service Tax was 2,46,168 crore rupees in the same period last year. Full Article

In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same. Full Article

Both direct and indirect tax arrears increased by about 33% to Rs 3.9 lakh crore in 2010-11. Minister of State for Finance SS Palanimanickam, while replying to different questions in Rajya Sabha, informed that direct tax arrears worth Rs 3,33,077 crore were not realised, while it was Rs 56,889.62 crores in the case of indirect taxes. Full Article

Amid fears of moderation in growth, Finance Minister Pranab Mukherjee today said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15% more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of CBEC here, also called upon the tax officials to work towards reducing the tax litigations. Noting that doubts were being raised over growth projection of 9%.. Full Article

The government today said indirect tax collections for FY2010-11 have exceeded the revised estimate of Rs 3.34 lakh crore for the fiscal on the back of strong economic activities and the partial withdrawal of fiscal stimulus measures. According to Central Board of Excise and Customs (CBEC) Chairman S Dutt Majumder, the Finance Ministry expects at least Rs 7,000 crore more than the revised estimate for the last fiscal. Full Article

The Union cabinet on Thursday exempted ICC Cricket World Cup 2011 from income tax in view of the income coming in the country thanks to the tournament and earned by subsidiaries of ICC. The exemption will be available only where the contractual obligation to bear the income-tax liability is on these entities. The financial implication of the move will be around R45 crore. Full Article

India's tax revenue for 2010-11 has shown healthy growth till March 12 this year, which jumped around 26 per cent over the corresponding period and the government was expecting to end the year with similar growth in mop up. The total tax collection till March 12 of the current fiscal has shown a growth of around 26 per cent over 2009-10 and for the year the trend is likely to be maintained, Revenue Secretary Sunil Mitra said here today at CII annual regional meet. Full Article

Since no Reserve Fund has been opened in the Public Account of India for the purpose of crediting the 1% Secondary & Higher Education Cess for expenditure towards related schemes/prgorammes, the expenditure provision for Department of School Educatio Full Article