...UNION BUDGET 2010-11 Impact Analysis UNION BUDGET 2010-11: Impact Analysis CONTENTS BUDGET AT A GLANCE ............................................................................................ 1 UNION BUDGET 2010-11 : A MACROECONOMIC PERSPECTIVE ........................ 2 - 3 SECTORAL IMPACT ........................................................................................... 4 - 23 CHANGE IN CENTRAL PLAN OUTLAY..................................................................... 24 RECEIPTS .......................................................................................................... 25-26 EXPENDITURE ................................................................................................ 27 - 28 KEY ECONOMIC INDICATORS (Absolute Values) ................................................... 29 KEY ECONOMIC INDICATORS (Percentage Change Over Previous Year) ............... 30 UNION BUDGET 2010-11: Impact Analysis BUDGET AT A GLANCE (Rs bn) 2009-10 Revised Estimates 1) Revenue Receipts 2) Tax Revenue (net to centre) 3) Non-Tax Revenue 4) Capital Receipts (5+6+7)$ 5) Recoveries of loans 6) Other receipts 7) Borrowings and other liabilities * 8) Total Receipts (1+4)$ 9) Non-Plan Expenditure 10) On Revenue Account of which, 11) Interest Payments 12) On Capital Account 13) Plan Expenditure 14) On Revenue Account 15) On Capital Account 16) Total Expenditure (9+13) 17) Revenue Expenditure (10+14) 18) Capital Expenditure (12+15) 19) Revenue Deficit...
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...Developing countries suffer from dearth of revenue because of low taxable capacity as the majority of people live below the poverty line with hardly any capacity to pay taxes to the government. On top, legal base of taxation is condensed with unrestricted tax shelters and tax administration is short of modern mechanism to spot new tax payers and bring them into the orbit of tax- net. According to the theory of structural change of taxes during the developmental process, the contribution of direct taxes will grow with the rise in per capita income, in turn the contribution of indirect taxes will comparatively slow down. Direct taxes have tactical importance and its preference over indirect taxes is claimed on the ground of neutrality, welfare and excess burden. With time, it has been established that direct taxation gives the best accountability degree which translates to good governance, whereas indirect taxation have less tangible effects. International comparisons of contribution as a percentage of revenue to GDP in developed and developing countries are as follows: - Tax/GDP ratio of Sweden was found to be 49.7 percent in 2008, while it was 50.0 percent in Denmark, 46.8 percent in Belgium, 36.5 percent in New Zealand, 28.2...
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...| Project Plan IS583 Students: Terrance Clayton Professor: Wayne Freer Date: June 19, 2011 Thomson Reuters | ONESOURCE SALE & USE TAX | Table of Content Brief Overview of Company ……………………………………………………………………… 3 Problem to Be Resolved ………………………………………………………………………… 4 Proposed Enterprise Technology ……………………………………………………………… 4 Implementation / Timeline ……………………………………………………………………… 6 Operations Management ………………………………………………………………………… 7 Risks ………….…………………………………………………………………………………… 7 Benefits …………………….………………………………………………………………………… 8 How to Measure Success ..………………………………………………………………………… 10 Bibliography …………………………………………………………………………………… 12 A.) Brief Overview of the Company or Enterprise Ultra Stores, Inc. was founded in 1997 by CEO Daniel Marks it’s based in Chicago Illinois. The company was formerly known as Ultra of Illinois, Inc. and changed its name to Ultra Stores, Inc. in November 1997. Ultra Stores, Inc. operates as a specialty retailer of fine jewelry; they manufacture and import diamonds, gemstones, and gold jewelry. The company also offers platinum, silver, titanium, tungsten, cubic zirconia, moissanite, and pearls. The company operates 163 stores in more than 40 states, they employ between 500 – 1000 employees. The company is privately held Chicago investment firm Crystal Capital owns a majority stake in Ultra Stores. Below is the organization hierarchical: Revenues and expenses are expected to increase on average...
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...Income Tax Law Income Tax Law and the National Budget 2010-2011 Md. Abdur Rashid, FCMA B.Com. (Hons.), M.Com., DAIBB, LLB, FCMA Income Tax Law explain changes in tax struc-ure of an economy over time under t the impact of economic development and of political and social factors. Tax structure is affected by economic development in three ways: (a) tax base undergoes a change as the develop- ental process m proceeds; (b) change in the tax base brings about changes in the revenue system: and (c) economic development leads to changes in the objectives of tax policy. Bangladesh Government collects taxes on account of custom duty, sales tax, value added taxes, excise duty, cess, fees, fines, penalties, income tax, advalorem duty, etc. It appears that to fulfill the objectives of tax policy the Government every year brings some changes in various tax laws to collect more taxes on the basis of above tax structure. be established for those items to repair or servicing and thus to reduce the unemployment problems in the country. National Budget Every year before preparing National Budget the National Board of Revenue holds series of meetings with various trade bodies, trade associations, groups of people, various academic and professional Institutions. It seems that this year the discussions have been held on various scopes and opportunities of collecting more taxes. The discussions, of course, have been held in various dimensional scopes. In such a meeting organized by Management...
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...Question Introduction The purpose of this paper is to show the overview of the tax revenue implication from the introduction of tax stamps usage on music and film products in process of protecting their property and copy rights of their works. The government via Tanzania Revenue Authority intends formalize tax stamp usage to fight against rampant piracy on the music and film products. Minister of Finance has already proposed amendments in Excise (Management and Tariff) Act CAP 147 via his budget speech in the parliament on 14th June 2012. “I propose to make amendments in the Excise (Management & Tariff) Act CAP 147, in which we will introduce excise duty on music and film products among others. "This measure is aimed at assisting operators in this subsector to formalize their businesses, prevent piracy of the artist works and enable them to benefit from their works” said Minister for Finance, William Mgimwa he told the National Assembly session on 14th June, 2012 Thursday. He said the Tanzania Revenue Authority (TRA), will issue stamps for the products in order to control production and earn revenue to both the government and operators. This measure, he said, will become operational from 1st January, 2013 to allow time for the review of the relevant laws and regulations. The tax stamps are designed to be placed on CDs/DVDs, Tapes and any other form which is used to sale their work showing that the excise duty is already paid only to those quantities of...
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...Luis Adames Prof Seggern 9/11/15 Business Communications 4-15 A. I have noticed that some of our warehouse items are now outdated and was wondering how you, as the store manager, would like for them to be disposed of. B. We are inviting all of our clients to our booth at this year’s trade show. We look forward to seeing you there. C. Dear Valued Customer, I would like to remind you of the obligation you made to make monthly loan payments, as we have not received a payment in three months. Please make arrangements with our office for the past due balance. D. MEMO To: Office Employees From: Luis Adames Subject: Department Phone Bill Date: 9/11/2015 I’d like to bring to attention the department’s high phone bill in hopes that you all, our employees, may take into account that the personal use of calling has become increasingly high. Please be sure to use personal cell phone for any personal calls. Thanks, Luis Adames 4-16 1) * The audience of the passage is directed toward the business employees and the appliance dealer itself. * The general attitude toward the subject would likely be uncertain and would require a document with more detailed information. * The audience needs to know a more in depth schedule on what is going to take place on the day of initiation of legal collection procedures 2) * The general public is the key audience to the advertisement. There is a large segment being addressed here which conveys the message...
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...Rasneek Walia Management X109 Assignment 1 – Module 1 & 2 04/24/16 1. When evaluating audience, which demographic factors should be considered, and why? Does the type of message influence the evaluation of the audience? When evaluating an audience, one must profile the audience and their perspective. It is important to spend some time to think about your audience to identify the appropriate tone, language, and channel for your message. Tailor your message for your primary audience by asking the following question: * Who is my primary reader or listener? * What are my personal and professional relationships with that person? * What position does that person hold in the organization? * How much does that person know about the subject? * What do I know about that person’s education, beliefs, culture and attitudes? * Should I expect a neutral, positive, or negative response to my message? In addition, one must anticipate if a secondary audience may read this message. If there is a secondary audience, the following must be considered: * Who might see or read this message in addition to the primary audience? * How do these people differ from the primary audience? * Do I need to include more background information? * How must I reshape my message to make it understandable and acceptable to others whom it might be forwarded? Some other factors are very important factors to take into account when evaluating your audience...
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...CONTENTS * Introduction * Objectives of the study * Salient features of Bangladesh’s current tax system * Growth trends and revenue structure of Bangladesh * Contribution of direct and indirect taxes to revenue * Reasons for introducing vat in Bangladesh * Ratio of VAT to Revenue & VAT to Tax * Revenue Structure during Pre and Post VAT Regime * VAT Rates in Selected Countries * VAT Productivity in Selected Countries * Some Important Features of VAT in Bangladesh * Tax Base for VAT * Arguments For VAT * Arguments against VAT * Reforms in VAT: Current Initiatives Introduction: Value Added Tax (VAT) is imposed on value added by a manufacturer of a firm or distributors. Value added tax means a tax on the amount by which the value of an article has been increased at each stage of production. It is a multistage consumption tax imposed on goods and services, which is collected at every stage of production and distribution rather than at the retail stage alone. Objectives of the Study: We can gain knowledge about the tax system (especially VAT) of Bangladesh by studying this topic. As following aspects of tax we can learn from this study: 1. To present an overview of tax system of Bangladesh. 2. To evaluate Govt. Performance in collecting revenue. 3. To identify the effect of the tax system (especially VAT) to economic development of Bangladesh. 4. To identify the problems and weaknesses of collecting...
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...ACKNOWLEDGEMENT Education involves not only reading books and doing exercises but also acquiring knowledge through doing something practically. This report has designed only for considering that objective. In this period of time, we enjoyed the study of tax system of Bangladesh in various aspect of tax. First of all, we are indebted to our guide teacher Ms.Rehana Frowzier Lecturer, Department of Business Administration, Stamford University Bangladesh. His views, suggestions save us from more difficulties. We are also grateful to our group members’ most valuable cooperation, inspiration and suggestions. EXECUTIVE SUMMARY This dissertation report highlights on our practical experience in different types and categories ‘Tax System’ especially Tax System Of Bangladesh. During our short working period, we tried to gather information from News Paper, web sites. But the NBR does not provide information in the web site directly and even it does not publish tax structure implement in Bangladesh. So, we take much information about tax in our personal concept and view of Tax System of Bangladesh. To complete this report, we have gained practical knowledge about various type of Tax System. For example, Tax System Of Bangladesh, canon of taxation and implementation the canon of Bangladesh in Tax System Of Bangladesh. In this way, we are getting knowledge not only the tax system but also the implementation of canon on tax system of Bangladesh. As, tax is an important part of our country...
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...LETTER OF TRANSMITTAL 04th April 2007 Ms.Rehana Fowzia (Lecturer) Department of Business Administration Stamford University Bangladesh Subject: Submission of report on ‘Ascertain the position of cannons of taxation in tax system of Bangladesh’. Dear Ms.Rehana Fowzia madam We are pleased to submit this report on “‘Ascertain the position of cannons of taxation in tax system of Bangladesh’ for particular fulfillment of BBA Degree. This research program was taken by the help of ‘Three tax system of Bangladesh’, written by M.A. Akkas & ‘Income Tax’ written by Mahmud, Purohit, Bhattacharjee. Here is the report on the observational study of ‘Tax System Of Bangladesh’ you asked us to conduct last month. We honestly believe that this report will fulfill the requirements of the project report for BBA, which will help us a lot to gain sufficient knowledge about the ‘Tax System Of Bangladesh’. We appreciate having this assignment. If you should need any assistance in interpreting this report or in implementing our recommendations, atuddin_mezbah@yahoo.com, Contact No. 01718330355 Sincerely, 01. Mezbah Uddin Ahamed BBA02707126 02. Subbir Ahmed BBA02707121 03. Md. Mahmud Hossain BBA02707154 04. Subroto Biswas BBA02707125 05. Shamol Kanti Sarkar BBA02707112 06. Md. Mahfujul Alam BBA02707153 Program: BBA, Batch: 27 (J), Stamford University Bangladesh. please contact us ACKNOWLEDGEMENT Education involves not only reading books and doing...
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...Study of Overall Finance Department at BHEL, Bhopal SIP project report submitted in partial fulfilment of the requirements for the PGDM Programme Institute of Management Technology, Nagpur 2010-12 ACKNOLEDGEMENT I take this opportunity to extend my deepest gratitude to all those who have helped me in the completion of this project and my Summer Internship Program. First of all I wish to express my profound thanks to the management of the Institute of Management Technology, Nagpur for providing me a platform for industry exposure and training. I am thankful to Mr. Girish Shrivastava, GM HR, BHEL Bhopal, and Dr.G.L.Pradhan Coordinator, BHEL Bhopal, for showing trust in my abilities and providing me an opportunity to work and have a learning experience. I have put in my best efforts to justify this trust and to ensure that the value addition resulting from this project is mutual. I am extremely grateful to my Company Guide Mr. K.S. Mathur, Sr. DGM Finance, BHEL Bhopal, for providing the guidance and advice towards the completion of this project study. His constant support and valuable inputs from time to time helped me a lot in conducting this study. The resources and the documents provided by him also helped a lot. Guidance from my Institute guide, Prof Agam Nag, has played a significant role in the preparation of this report. His experience in academics contributed a lot to the conceptual framework discussed in the report. I would like to express my thanks to Prof...
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...Key Features of Budget 2010-2011 CHALLENGES ! ! ! To quickly revert to the high GDP growth path of 9 per cent and then find the means to cross the ‘double digit growth barrier’. To harness economic growth to consolidate the recent gains in making development more inclusive. To address the weaknesses in government systems, structures and institutions at different levels of governance. OVERVIEW OF THE ECONOMY ! India among the first few countries in the world to implement a broad-based counter-cyclic policy package to respond to the negative fallout of the global slowdown. The Advance Estimates for Gross Domestic Product (GDP) growth for 2009-10 pegged at 7.2 per cent. The final figure expected to be higher when the third and fourth quarter GDP estimates for 2009-10 become available. The growth rate in manufacturing sector in December 2009 was 18.5 per cent – the highest in the past two decades. A major concern during the second half of 2009-10 has been the emergence of double digit food inflation. Government has set in motion steps, in consultation with the State Chief Ministers, which should bring down the inflation in the next few months and ensure that there is better management of food security in the country. ! ! ! CONSOLIDATING GROWTH Fiscal Consolidation ! ! With recovery taking root, there is a need to review public spending, mobilise resources and gear them towards building the productivity of the economy. Fiscal policy shaped with reference to the recommendations...
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...value-added goods and services at each stage of sale or purchase in the supply chain .The system allows the set-off of GST paid on the procurement of goods and services against the GST which is payable on the supply of goods or services. However, the end consumer bears this tax as he is the last person in the supply chain. What are the benefits of GST? 1. Credit Scheme: GST will be levied on supply of goods and services and the supplier will be allowed credit for the GST paid on purchases. The credit would be seamless except that the credit of CGST paid will not be allowed for set-off against SGST payable and vice versa. This will eliminate the he cascading effect and reduce the price. 2. Subsuming all Taxes: GST should subsume all major indirect taxes levied by the Central Government i.e. central excise, customs and service tax and majority of the taxes levied by the State Government i.e. VAT, luxury tax, entertainment tax, etc. In this regard, tax on petroleum products and alcohol are intended to be kept either outside or tax additionally under GST. 3. Export-oriented industries -internationally more competitive as entire taxes in supply chain would be refunded (zero-rating) 4. Import-substituting industries would also become competitive as prices of Indian commodities would reduce and GST would be levied on imported goods. Under GST, the taxation burden will be divided equitably between manufacturing and services, through a lower tax rate by increasing the tax base...
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...Stock maintenance, Primary movement of iDAS distributors" focused on surfacing out the losses that HCCBPL is bearing and to find the measures for its eradication. The project consisted of 3 objectives: The 1st objective was to surface out the non moving / slow moving stocks that are the potential Best Before Due Date stocks (BBD's) and to automate the process on weekly basis - For that I analyzed the stock movement of a week and created a macro which can be run on weekly basis and will showcase the potential BBD's. The macro is already implemented in Khurda plant and there is no stuck out probability of BBD stocks in Khurda now. The 2nd objective was to create an MIS to provide an accountability of bottlenecks on indirect approach of distribution at distributor point. For that I understood the Improvised Distribution Automated System (iDAS) reports well, found out the reports which are beneficial for RTM Managers to see regularly so that the problems can be accountable. The analysis is done by the data gathered from the iDAS Fill rate report and created an MIS to identify the major stock out Stock Keeping Units (SKU's) and area which has got a greater market issue i.e., area and outlets where the stocks are not delivered as per the order can be easily detected and steps can be taken to solve the issues. The 3rd objective was to analyse the stock maintenance and primary movement of iDAS distributors. I showed a trend of stock maintenance at distributor...
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...TAX / RETAIL INVOICE (ISSUE OF INVOICE UNDER RULE 11 OF CENTRAL EXCISE RULES 2002) Expo Machine Tools Pvt.Ltd (M) A-19, Ground/First Floor,, Sector-5,, Noida Phone : 0120- / E-mail : expoac@yahoo.com VAT TIN : 09865711359 CST No. : 09865711359 Excise Regn No. : AACCE5677NEM005 Consignee Premium Graphite Pvt Ltd F-26R,First Floor, Kalkaji, New Delhi-110019 Range Division Commissionerate PAN / Income Tax No. : : : : XVII Noida / E5, Sector-1,IVth Floor, Noida III Noida / E-5, Sector-1, Noida Noida / C-56/42, Sector-62, Noida AACCE5677N Invoice No. 0465/14-15 Buyer’s Order No. Po No- Verabl Delivery Note Supplier’s Ref./Order No. 0465 Despatched through BY Hand Date & Time of issue of Invoice 23-Aug-2014 at 19:25 Date & Time of Removal of Goods 23-Aug-2014 at 1955 Mode/Terms of Payment Dated 23-Aug-2014 Dated 23-Aug-2014 Dated Despatch Document No. Destination Delhi Motor Vehicle No. VAT TIN : 07766906454 CST No. : 07766906454 Excise Regn No. : AAHCP4632MEM001 Buyer (if other than consignee) Premium Graphite Pvt Ltd F-26R,First Floor, Kalkaji, New Delhi-110019 VAT TIN : 07766906454 CST No. : 07766906454 AAHCP4632MEM001 Excise Regn No. : Sl No. 1 No. & Kind of Pkgs. 1 Description of Goods Machined Graphite Components Cavity Ele Hse266159 C008_d Excise Duty 12% ( Output) Education Cess 2% (Output) S & H Edu.Cess 1% (Output) CST @ 2.0 % Against Form"C" (8,207.00) 60 Days Tariff / HSN Classification 38019000 Quantity 1 pcs Rate 7,304.00 per pcs Amount...
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