revenue secretary

Amid fears of slowdown in tax collection in the current fiscal, the Finance Ministry today indicated that it may go slow on disbursement of pending income tax refunds. The indication was given by Revenue Secretary Sunil Mitra at the annual conference of chief commissioners and directors general of income tax here. Full Article

The government today said the total tax collections-both direct and indirect-for 2010-11 have exceeded even the revised estimate on the back of strong economic activities. “I am reasonably sure that we will cross Rs 4.50 lakh crore in direct taxes...I am reasonably confident that it (indirect tax) will be around Rs 3.43 lakh crore-Rs 3.44 lakh crore,” Revenue Secretary Sunil Mitra told reporters on the sidelines of an IPPAI conference. Full Article

The Textiles Ministry is seeking rollback of excise duty on branded apparel, following protest from retailers, including Shoppers Stop and Pantaloons , who have gone on strike today protesting the new levy. Full Article

India's tax collections could beat budget estimates of Rs 7.46 trillion or Rs 7.46 lakh crore (USD 160 billion) in the fiscal year to end-March 2011, Revenue Secretary Sunil Mitra said on Friday Full Article

The much awaited new indirect tax regime Goods and Service Tax (GST) is unlikely to be implemented from the scheduled date of April 1, 2011, a top government official said on Tuesday. "In all probability it (the introduction of GST) will miss the deadline," Revenue Secretary Sunil Mitra said. Full Article

The government on Monday said that the revised draft of the Direct Taxes Code (DTC), which is aimed at simplifying the tax structure, would be made available for public comments in the first week of June. Full Article

Preparations for Finance Minister Pranab Mukherjee’s second full Budget under the Manmohan Singh government should be an area of interest for a variety of reasons. His first Budget was presented in July 2009 under trying circumstances, with the Indian economy struggling hard to tide over the impact of a global economic downturn. His second Budget, to be presented in less than eight weeks from now, will have a different set of challenges. Full Article

With just three months left for the Union Budget 2010-11, the Ministry of Finance has started the process of pre-Budget consultations. A first round of pre-Budget meetings with the various ministries has already taken place.The ministry has also written to industry bodies to send in their proposals for the Budget. It will hold discussions with the industry beginning next month. Full Article