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1、RecentamendmentsinServiceTaxAct/Rules-IssuesPresentedbyNiranjanSwainDGM(Finance)OPGCLWELCOMETOPARTICIPANTSBreakingNews--------TaxationsysteminIndiawinsthecontestof8thwonderoftheworldnexttoTajLoveisafeeling,marriageisacontractandrelationshipsarework-LoriGordonGoodLegi
2、slationisafeeling,businessisacontractandalltransactionsaretaxable-IndianTaxationsystemTaxAct/RulesCompliancebyAssesseeofficialHarmonizingwithGovtconsultantsexperts&SupportfromTaxClarityTaxCollection/Proposal(Rs.inCrores)YearDirectTaxesIndirectTaxes%(DT/IT)1996-9738,8
3、9589,59343%2000-0168,305119,81457%2004-05131,918170,39877%2006-07229,007237,23597%2007-08312,202321,00097%2008-09334,377270,921123%2008-09387,001246,087141%2009-10377,546246,981153%2010-11445,962347,110129%2011-12(RE)500,651401,013125%2012-13(BE)570,257507,354112%Rev
4、enueForgone(Rs.inCrores)2009-102010-112011-12.ParticularsActualEstimateRevenueRevenueActualRevenueTaxTaxForegoneForegoneTaxForegonecollectionCollectioncollectionCorporateTax298,68851,292359,99072,881244,72557,912IncomeTax146,58742,320172,02645,142132,83236,826ExciseD
5、uty135,813212,167164,116169,121102,858139,744CustomsDuty138,299223,653151,700195,28885,847135,780Total719,387329,432847,832482,432566,262370,262RevenueForgone85.20%51.47%41%toactualtax.RevenueForegoneVrsSubsidies(Rs.inCrores)YearRevenueSubsidies2005-06206700475222006
6、-07235191571252007-08285052709262008-094180951297082009-104437701413512010-114575481734202011-125294322162972012-13190015BudgetSpeechofThepresentFinanceMinister,ShriPranabMukherjee,hassaid"Astaxcollectors,wemaydrawcomfortfromthefactthatwemanagetogeneratethetargetedre
7、venues.Buttherearequestionsthatbeganurgentresponse.ÔFirst,arecollectionmadeinthemostefficientmanneranddotheypotential?ÔSecond,whatisthehiddenburdenoftaxesintheformofcascadinganddoubletaxation?ÔThird,whyisourtaxstructuresocomplexandpronetodisputesandlitigation?Thesequ
8、estionscannotbesidesteppedanylongerastheyhaveimplicationfortherobustnessandgrowthoftheverybasethatyieldsourtaxrevenues”TheproposedG