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English Release 18-October 2014
Date Month Year
  • President's Secretariat
  • Bangladesh Youth Delegation Calls on the President
  • Prime Minister's Office
  • PM reconstitutes National Committee to commemorate the 125th Birth Anniversary of Shri Jawaharlal Nehru
  • PM’s Telephone Call to H. E. Mr. Hamid Karzai, former President of Islamic Republic of Afghanistan
  • Cabinet
  • Productivity Linked Bonus for Railway Employees
  • Approval for Ahmedabad Metro Rail Project Phase-1
  • India's participation in the development of Chahbahar port in Iran
  • Cabinet Committee on Economic Affairs (CCEA)
  • Deregulation of Diesel Prices
  • Revision of Domestic Gas Prices
  • Policy framework for relaxations, extensions and clarifications at the development and production stage under psc regime for early monetization of hydrocarbon discoveries
  • Modified direct benefit transfer scheme to be relaunched in the country
  • Financial support to Mahanagar Telephone Nigam Limited on account of liability arising from levy of Minimum Alternate Tax
  • Four laning/two laning of Chandikhole-Dubari-Talcher section of National Highway – 200 and National Highway - 23 in Odisha
  • Ex post facto approval regarding Special Banking Arrangement for payment of outstanding subsidy to fertilizer companies during 2013-14
  • Min of Agriculture
  • Radha Mohan Singh assures assistance to rehabilitate farming activities in Hud Hud affected Andhra
  • Min of Chemicals and Fertilizers
  • Ex post facto approval regarding Special Banking Arrangement for payment of outstanding subsidy to fertilizer companies during 2013-14
  • Min of Defence
  • Coas Closing Remarks on Culmination of Army Commander’s Conference on 18 Oct 14
  • Min of Environment and Forests
  • Environment protection and Development need to be synergized
  • Min of External Affairs
  • India's participation in the development of Chahbahar port in Iran
  • Min of Information & Broadcasting
  • Selection of Feature & Non-Feature Films in Indian Panorama for 45th International Film Festival of India, IFFI 2014
  • Min of Petroleum & Natural Gas
  • Deregulation of Diesel Prices
  • Revision of Domestic Gas Prices
  • Policy framework for relaxations, extensions and clarifications at the development and production stage under psc regime for early monetization of hydrocarbon discoveries
  • Modified direct benefit transfer scheme to be relaunched in the country
  • Ministry of Railways
  • Productivity Linked Bonus for Railway Employees
  • Min of Road Transport & Highways
  • Financial support to Mahanagar Telephone Nigam Limited on account of liability arising from levy of Minimum Alternate Tax
  • Four laning/two laning of Chandikhole-Dubari-Talcher section of National Highway – 200 and National Highway - 23 in Odisha
  • Min of Science & Technology
  • Dr Jitendra Singh Launch’s ‘Jammu Kashmir Arogya Gram Yojana’ Under CSIR
  • Min of Urban Development
  • Approval for Ahmedabad Metro Rail Project Phase-1

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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