Skip to main content

GST may hit Centre’s revenue by Rs. 1.5 lakh cr

By
The Centre may lose over Rs. 1.5 lakh crore revenue from cess and surcharge if the goods and services tax ( GST) is fully rolled out in 2017- 18.
However, the government may get a cushion for a few years as the chances are that the GST may be implemented without petroleum attracting the new indirect tax to begin with. Close to 70 per cent of the cess and surcharge from excise duty and service tax was accounted for by petroleum only.
Revenue from sources like cess and surcharge on excise and service tax has been budgeted at Rs. 1.55 lakh crore in 2016- 17, or 14.7 per cent of the Centre’s total net revenue after devolution to states. The budgeted revenue from cess and surcharges more than doubled from 2014- 15 and is 22.5 per cent higher than in 2015- 16.
In 2014- 15, Rs. 75,232 crore came in as cess and surcharge, or 8.32 per cent of total tax revenue after adjusting for states’ share.
In the previous financial year, Rs. 1.26 lakh crore accounted for 13.3 per cent of the Centre’s total net revenue.
The government is hopeful of gaining majority for passing constitution amendment bill for GST in the Rajya Sabha in the monsoon session. In the current financial year the government has budgeted Rs. 10000 crore revenue from Swachh Bharat cess, Rs. 5000 crore from Krishi Kalyan cess and Rs. 3000 crore from Infrastructure cess.
Business Standard New Delhi, 06th July 2016

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more