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English Release 24-October 2014
Date Month Year
  • Prime Minister's Office
  • PM conveys greetings on United Nations Day
  • PM salutes our brave ITBP personnel on the Raising Day of ITBP
  • Min of Agriculture
  • Kharif Rice Area Coverage
  • Min of Commerce & Industry
  • DIPP Constitutes IPR Think Tank to Draft National Intellectual Property Rights Policy
  • Min of Defence
  • Brave Heart NCC Cadets Rescue Middle Aged Woman from River Yamuna
  • Ministry of Finance
  • Government approves Twenty (20) Proposals of Foreign Direct Investment amounting to Rs 988.3 Crore
  • Min of Health and Family Welfare
  • Dr Harsh Vardhan offers cooperation to Pakistan to end polio
  • Min of Home Affairs
  • Home Minister addresses 53rd Raising Day Function of Indo Tibetan Border Police Force
  • Observance of the Rashtriya Ekta Diwas on 31st October
  • Min of Petroleum & Natural Gas
  • Modified DBTL Scheme
  • Global crude oil price of Indian Basket was US$ 83.61 per bbl on 23.10.2014
  • Min of Road Transport & Highways
  • Electronic Toll Collection System to be Inaugurated on October 31, 2014
  • Min of Skill Development, Entrepreneurship, Youth Affairs and Sports
  • India’s Performance at 2nd Asian Para Games 2014 on 22nd and 23rd October, 2014
  • Min of Urban Development
  • Shri M.Venkaiah Naidu adopts Hudhud cyclone ravaged village of Andhra Pradesh for rehabilitation

Previous Date

 
Ministry of Finance22-November, 2012 16:44 IST
Reduction in Fiscal Deficit by increased Tax Collection

 

           

            The following steps are being taken by the Ministry to mobilize resources to increase tax collection in order to reduce fiscal deficit:-

(A)                Direct Taxes:

(i)                 Monitoring of Advance Tax payment especially by top taxpayers; Emphasis is also given to monitor Advance tax payers that have to pay Alternate Minimum Tax applicable from the Financial Year;

(ii)               Conducting surveys for detection of concealment of income and for compliance of TDS provisions.  Detection of new areas of violation/avoidance of the provisions of TDS and taking action for proper deduction and deposit of TDS;

(iii)             Organizing training programs for senior management as well as for DDOs (particularly of Government departments and PSUs) to spreading awareness about TDS &TCS provisions;

(iv)             Emphasis on collection out of arrear demand and monitoring of high default cases;

(v)               Detailed strategy for making quality assessment has also been devised;

(vi)             Cross-verification of data collected through Annual Information Return with the return of income and issuance of notices in suitable cases.  Using the data collected through Transaction statements for better quality assessments as well as recovery of demand;

(vii)           Multi-media campaign to encourage voluntary compliance of tax laws.

 

 

(B)                Indirect Taxes:

 

(i)                 To broaden the tax base and limit exemptions, negative list based comprehensive approach to service tax has been introduced with effect from the 1st July, 2012.

(ii)               From 1st of October, 2012, service tax on transport of goods and passengers (in air-conditioned class and first class) by rail has been brought into effect.

(iii)             In addition, other steps including monitoring of revenue, strengthening of anti-evasion and audit mechanism, conduct of targeted audits and search operations, adjudication of pending show cause cum demand notices, realization of arrears, steps to curb undervaluation of import, disposal of confiscated bullion and precious stones, administrative steps like redeployment of human power to service tax field formations which have more potential for augmentation of revenue.

 

             This was stated by the Minister of State for Finance, Shri   Namo Narain Meena in written reply to a question in the Rajya  Sabha today.

 

 

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(Release ID :89199)

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