Thursday, April 7, 2011

For ipl 4 government is collecting 350cr

 The government hopes to collect R 350 crore in taxes from the fourth edition of the high voltage Indian Premier LeagueTwenty20 cricket tournament starts on Friday.

The revenue will accrue to the government as an organization will be obliged to deduct tax at source (TDS) while making payments to players, referees, coaches, commentators and others involved in the tournament.

In addition, the department will also receive income tax services, services related to cricket extravaganza as advertising, marketing and consulting.

Ministry of Finance, according to the official, expects an increase of 40 percent in the collection of TDS and 20 percent of the tax on services.

"In the last edition, we have collected around Rs 180 crore as TDS. This year we expect to grow by 40 percent in tax collection, “finance ministry official said.

"This year, the revenue outlook looks good, particularly after India won the ICC World Cup," the source said, adding a whole collection can grow to Rs 350 crore TDS and tax services.

"We expect growth of 20 percent in the tax service for the current season because there is a significant increase in advertising, marketing and other services, “he said.

The tournament starts on Friday and the final will be played May 28. Ten teams will contest for the IPL trophy and there will be a total of 74 items.
The Government has received Rs 91 crore as tax in the category of TDS from the first edition of IPL, and the second edition, which was conducted in South Africa last year brought under "a few crores "income tax calculated from the BCCI - the organizer of the tournament with a charming - and other sources.

In relation to the category of indirect taxes, revenue departmentexpects to absorb about Rs 100 crore as service tax during the current season.

In fiscal year 2008-09, the department revenue collected R 68.75crore service tax and the next year, then R 71.90 crore.

No comments:

Post a Comment