Mop-up exceeds indirect tax collection estimate: Govt

The buoyancy in indirect tax collections during the last fiscal was attributed to partial withdrawal of economic stimulus measures in the Budget 2010-11, wherein finance minister Pranab Mukherjee raised excise duty by 2% to 10% as part of a plan to gradually withdraw the incentives given to industry to combat the impact of the global financial meltdown

New Delhi: The government today said indirect tax collections for FY10-11 have exceeded the revised estimate of Rs3.34 lakh crore for the fiscal on the back of strong economic activities and the partial withdrawal of fiscal stimulus measures, reports PTI.

According to Central Board of Excise and Customs (CBEC) chairman S Dutt Majumder, the finance ministry expects at least Rs7,000 crore more than the revised estimate for the last fiscal.

"... Over and above the revised estimate, we expect Rs7,000 crore minimum, it may be more also," Mr Majumder told reporters on the sidelines of an Assocham event.

He further said the finance ministry has exceeded the revised target by Rs6,000 crore, with the total indirect tax collection at Rs3.40 lakh crore already.

"I expect more. This does not take into consideration customs collection of 30th and 31st March. That should be another Rs1,000 crore," Mr Majumder added.

He said that customs collection up to 29th March this year stood at Rs1.32 lakh crore, while the service tax mop-up was Rs70,200 crore.

The upward revision in the tax collection target was due to robust economic growth in the last fiscal. The country's gross domestic product (GDP) is expected to grow 8.6% in 2010-11.

The buoyancy in indirect tax collections during the last fiscal can also be attributed to partial withdrawal of economic stimulus measures in the Budget 2010-11.

In the Budget 2010-11, finance minister Pranab Mukherjee raised excise duty by 2% to 10% as part of a plan to gradually withdraw the incentives given to industry to combat the impact of the global financial meltdown.

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2G spectrum case: Anil Ambani quizzed by PAC

S-Tel CEO Shamik Das and Unitech Wireless managing director Sigve Brekke are also scheduled to appear before the PAC today

New Delhi: Reliance Communications chairman Anil Ambani was today questioned by Parliament's Public Accounts Committee in connection with alleged irregularities in the second generation (2G) spectrum allocation, reports PTI.

Etisalat DB Telecom CEO Atul Jham was also questioned by the panel headed by senior BJP leader Murli Manohar Joshi.

The PAC had yesterday quizzed Tata Sons chairman Ratan Tata and corporate lobbyist Niira Radia in connection with the 2G spectrum scam.

The panel had quizzed Ms Radia for two hours and Mr Tata for three hours on issues related to the scam.

S-Tel CEO Shamik Das and Unitech Wireless managing director Sigve Brekke are also scheduled to appear before the PAC today.

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TeamLease raises Rs100 crore from ICICI Venture and Gaja Capital Partners

TeamLease Services has completed an equity fund raise of Rs100 crore to fund the vocational education expansion of the company

TeamLease Services, a composite staffing and education company, has said that it had completed an equity fund raise of Rs100 crore to fund the vocational education expansion of the company. This capital was raised from ICICI Venture, an asset management company, and existing investor Gaja Capital Partners.

TeamLease Services, focused on the organised temporary staffing market since 2003, entered vocational education by acquiring the Indian Institute of Job Training (IIJT) in 2010. The company has also begun work on TeamLease University that will offer associate degree programs in the same domains and will start operations later this year after regulatory and legislative approvals.

Vishakha Mulye, managing director and CEO, ICICI Venture, said, "The education and staffing sector in India is poised for an exciting future as there is clear recognition within the government as well as the private sector about the need to address gaps in the people supply chain, need for up-skilling of workforce, demand for quality training, etc with the current growth trajectory of India."

The capital raised will be deployed for the vocational education initiative i.e. a rollout of IIJT centres, national satellite delivery capabilities, building a corporate training business, acquiring a footprint in new domains more suitable for students directly after Class 10 and the TeamLease University project.
Ashok Reddy, managing director, TeamLease Services, said, "Innovating in India's people supply chain requires operating at the intersection of jobs and skills since companies are looking for trained candidates and candidates are looking for jobs. This fund raise allows us to create a corridor between certificates, diplomas, associate degrees and jobs."

The National Skill Mission has set itself a target of making 500 million people employable by 2020. India's labour market is undergoing five transitions-farm to non-farm, rural to urban, unorganised to organized, subsistence self-employment to decent wage employment and school to work. These transitions are constrained by three challenges-matching (connecting supply to demand), mismatch (repairing supply for demand) and pipeline (preparing supply for demand). TeamLease will now offer solutions to state governments, employers and candidates in all three areas across the country.

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