DEFICIENCY IN COLLECTION OF INDIRECT TAX THIS YEAR

The revenue growth target for this year is challenging a change in tune from an hot tempered optimist about the economy that has triggered concerns tax collections may drop sharply as economic activity slows,Ugg Classic Short Short In The Wealthiest Style,personalized bobbleheads. The task before the tax officials is very challenging and will require sustained and strategic efforts throughout the financial year,personalized bobble heads. There exists many questions about the government�s budget expenditure numbers for this year, and concerns on the revenue account could throw the government�s fiscal consolidation plans out of whack.
The trend in indirect tax revenue is sure to offer some postponement to the finance ministry that has been sweating over its budget arithmetic going horribly wrong because of slow down of economic growth. A likely slow down in revenues due to slowing economy and soaring subsidies,,, particularly on petroleum products has threatened to throw fiscal calculations unevenly.
The finance ministry has also given a directive to other ministries and departments asking them to review various kinds of user charges for service provided by them ,Wanna Be A Baller,personalized bobble heads, in what is being seen as a concerted push to drive up the government�s non tax revenues to bridge some of the expected shortfall in tax receipts because of slowing economy. By the revision in service charge,History Of Golf To Help You Understand The Game Better,custom bobbleheads, fees for examinations conducted by Union Public Service Commission,personalized bobblehead, various penalties,personalized bobblehead, prices of government gazettes and publications,Making Use Of Soccer Live Odds In Soccer Betting,custom bobblehead, audit and visa charges will all rise.
The major cause of declining economic growth is rising oil and commodity prices. Any spike in commodity prices is likely to fuel inflation. The another reason for deficiency in indirect tax is extending of GST by the government. GST will allow small businesses in a net refund position to choose to access the GST installment system,., with an installment amount each quarter of zero. Any refunds or liability due to the taxpayer will be reconciled in their annual GST return. Deficiency in the tax system must be remedied to break the cycle. The inability to raise adequate revenue is fundamental. State financial imbalance is intrinsic to the problem and must be addressed. Removing opportunities for tax shrinking and addressing major inequities and concessions in direct tax would improve prospects for indirect tax reform. Increasing overall progressivity by asset or inheritance taxes would balance regressive effects of indirect tax. Taxes play a very crucial role in the emancipation of business firms. They also helps in ascertaining the budgetry aspects of the financial firm.



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