Expect economy to grow at 8.5 percent during 2010-11 against 7.4 percent in 2009-10
Geetanjali Minhas | September 2, 2010
In a review meeting held with the chief commissioner and commissioners of income tax, custom and central excise in Mumbai, finance minister Pranab Mukherjee has expressed satisfaction in the net corporate tax growth of 20.9 percent, personal income tax growth of 8.51 percent and an overall growth of 15.75 percent in direct taxes from Mumbai as on July 2010.
He, however, added: “Direct tax collection from Mumbai, the financial capital of the country, is below the national average. The achievement of direct tax collection should be monitored effectively and special efforts should be made to achieve not only the budgeted target but also to exceed it.”
“We expect the economy to grow at 8.5 percent during 2010-11 as against 7.4 percent in 2009-10,” he added.
“The sectors performing well need to be monitored to ensure due taxes to the government. We have increased the risk perception by using technology intensive tools. There is a need to create a formal risk management institution to handle this critical component of tax governance on a real-time basis.”
In a closed door meeting , the FM sought concrete steps for realisation of Rs 28,046 crore blocked in appeals before the Commissioner of Income Tax (Appeal) and Rs 10,010 crore before the Income Tax Appellate Tribunal.
The customs revenue collections in Mumbai have registered a growth of 79.5 percent and the central excise zones had an average increase of 55.65 percent. The FM added that serious steps should be initiated to collect arrears on revenue amounting to Rs 3,088 crore with respect to central excise and Rs 1,740 crore with respect to customs duty.
With the domestic service sector on an upswing the minister called for ways and means to increase service tax collections which have registered collections at a mere 8 percent.
In comparison to the previous year, tax deduction at source registered a decline of 2 percent. Mukherjee said the course of TDS collection should be studied to ensure the taxes due to the government are collected.
With reference to the Direct Tax Code, the finance minster said it will come into effect from 1st April 2012 and added that the interim period should be used for effecting a smooth transition.
Expressing concern on the mounting appeals in the departments, Mukherjee said he had constituted a standing committee in both boards to identify a road map for reducing the existing litigation and avoiding future litigation. He called for a systematic bottom to top approach for effective litigation settlement. He added that an amount of approximately Rs 2,192 crore of central excise duty , Rs 1,931 crore of customs duty and approx Rs 3,800 crore of service tax was locked up in adjudication cases.
The Covid-19 pandemic has disrupted economies and healthcare systems across the world. Even in the countries like the US that have the highest spend on healthcare and public health emergency preparedness, the impact of coronavirus pandemic on health and livelihoods of people has been tremendous. There are
India would play a leading role in the global revival, prime minister Narendra Modi said on Thursday, as he addressed the inaugural session of India Global week via video-conference. He said that this is closely linked with two factors. “First is - Indian talent and second is India`s
The BrihanMumbai municipal corporation (BMC) has countered Maharashtra leader of opposition Devendra Fadanvis’s suspicions of fewer Covid-19 tests, as it outlined various measures it has adopted since the first test conducted on February 3, and how it has gradually brought down the number of cases in
As part of the four T strategy of trace-test-track-treat, Mumbai – the most affected city in India – has decided to make Covid-19 tests accessible to all. The municipal corporation of Greater Mumbai (MCGM) has come out with guidelines allowing all laboratories to conduct RT-PCR (
In a major development on July 6, the Chinese army started moving back its tents, vehicles as well as troops from locations where disengagement was agreed upon in eastern Ladakh’s Galwan Valley. This is a significant milestone in regional geopolitics with India having been successful in isolating the
With the Covid-19 pandemic pushing more online activity and the capacity usage of data centres going up, India’s largest data centre (DC) building and the biggest tier-IV data centre, Yotta NM1,the second largest in the world, has been launched in Mumbai. The launch event on Tue