Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
Crosses Budget Estimate by 5.5%, govt expected it to be 4.6% of GDP for current financial year
Lower revenue collection puts upward pressure on government borrowing, ensuring that it deviates from the glided path of debt reduction
The tax collections are down by Rs 60,000 crore (Rs 600 billion) over budget estimates for 2008-09, Pranab Mukherjee said.
Maharashtra is the BRS' first target.
Pakistan's outgoing government has acknowledged that it provided grants of Rs 687 billion to the powerful military for security-related spending that were in addition to the annual defence budgets.
The government's food subsidy in the ongoing fiscal year is expected to be a little less than Rs 4 trillion.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
Populism gains momentum during election periods, and this trend is evident in at least four states: Telangana, Rajasthan, Madhya Pradesh and Chhattisgarh.
A ramp-up in COVID-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending were the factors which led to the revision, the agency said in a statement. It can be noted that after the 7.3 per cent contraction in 2020-21, there were expectations of a higher growth number in 2021-22.
Nirmala Sitharaman has designed the revenue mix in such a way that while Centre's share in taxes would grow a massive 25 per cent, states' share would grow a dismal 6 per cent.
The capital outlay for the three services, for modernisation, stood at Rs 78,586.68 crore
Collection will have to rise by 30 per cent in the remaining period of the financial year to achieve the Budget estimate.
'As the city grows, so do its fire incidents.'
The fiscal deficit touched 61.2 per cent of full year Budget Estimates or over Rs 3.24 lakh crore in end July.
Govt may further hike excise on petrol, diesel before Budget.
'Democracy cannot be taken for granted. It has to be fiercely guarded.'
The major beneficiaries have been the ministries of roads and highways, railways and power
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
Finance Minister Pranab Mukherjee was saddled with a number of handicaps when he presented the Union Budget 2012-13 on Friday morning.
In fact, no other recent Union Budget has held so much significance for the Indian economy as the one to be presented in about six weeks from now, notes A K Bhattacharya.
It had declined by slightly over 4 per cent in December. The city contributes 37 per cent to the total direct tax revenues. If the trend continues, it could affect the Budget estimates of Rs 13 trillion for the current fiscal year.
Finance Minister P Chidambaram presented the Interim Budget for 2014-15 on Monday.
Country's fiscal deficit touched Rs 516,390 crore or 95.2 per cent of the annual target during April-December, the Controller General of Accounts said.
Budget was a mild disappointment. Yet, the bull run continues.
Enthused by over 36 per cent increase in direct tax collections during 2007-08, Finance Minister P Chidambaram on Monday asked the department to aim for higher collections this fiscal than the Rs 3,65,000 crore (Rs 3,650 billion) estimated in the Budget for 2008-09.
Excise duties on mobile phones to be 1% without CENVAT credit or 6% with CENVAT credit. This provision will have marginal impact on telcos.
Allocation of portfolios would be the immediate vexatious issue for the party, with supporters of Virbhadra Singh already feeling sidelined after the elevation of the late chief minister's professed rival Sukhu.
Escalation of the conflict in West Asia between Israel and Iran has had a direct impact on the energy markets, and more broadly on the financial markets as well as the global economy.
A communiqu sent by the department of investment and public asset management (DIPAM) to the heads of all PSUs, said the move would help the government to get predictable and periodic dividends before Budget estimates are firmed up.
During April-October 20 period, the tax department has made refunds to the tune of Rs 80,850 crore.
Going by available indications from North Block, Mr Mukherjee may like to do a Chidambaram when he presents the Revised Estimates on February 27, 2010
India's fiscal deficit for the past financial year ended March totalled Rs 1,44,647 crore (Rs 1,446.47 billion), representing 99.4 per cent of the revised estimate of Rs 1,45,466 crore.
Direct tax collections fell Rs 12,000 crore (Rs 120 billion) short of the Rs 3.87 trillion target last fiscal, largely owing to lower realisation from corporate tax payers.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
Long-term capital gains tax may be scrapped and the burden of dividend distribution tax could perhaps be shifted from companies to shareholders. Also, the Budget could provide income tax relief for the salaried classes, while proposing tax sops for small, medium and micro enterprises.
The government has budgeted to cut the fiscal deficit to 3.3 per cent of GDP or Rs 6.24 lakh crore in 2018-19, from 3.53 per cent in the previous financial year.
Rates may be raised from 5 per cent to 8 per cent and 12 per cent to 15 per cent. The Council can explore possibility of merger of slabs to bring down the number of slabs to three. The Central GST collection fell short of the Budget Estimate by nearly 40 per cent during the April-November period of 2019-20
It is time to take a few macroeconomic risks to kick start the growth.
They have also called for giving cash to the poor, so that demand is generated in the economy.
