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.
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.
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.
The government had set the direct tax collection target of Rs 3.70 lakh crore (Rs 3.7 trillion) in the budget for 2009-10, which was later revised upwards to Rs 3.87 lakh crore (Rs 3.87 trillion).
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
Finance Minister Nirmala Sitharaman on Monday announced a Rs 6 lakh crore National Monetisation Pipeline (NMP) that will look to unlock value in infrastructure assets across sectors ranging from power to road and railways. She also said the asset monetisation does not involve selling of land and it is about monetising brownfield assets. Projects have been identified across sectors, with roads, railways and power being the top segments.
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.
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.
The Reserve Bank's growth projection for next financial year is lower than 8-8.5 per cent projected by the finance ministry in the recent Economic Survey which was tabled in Parliament on January 31. Unveiling the bi-monthly policy, RBI governor Shaktikanta Das said, "Recovery in domestic economic activity is yet to be broad-based, as private consumption and contact-intensive services remain below pre-pandemic levels."
Refraining from tinkering with tax and duty rates in the interim Budget, Finance Minister Pranab Mukherjee on Monday made a huge allocation of Rs 30,100 crore (Rs 301 billion) to government's flagship rural employment programme and many other schemes in a bid to counter the economic recession.
Ayushman Bharat aims at providing a cover of Rs 5 lakh per family annually and is aimed at benefitting more than 10 crore poor families across the country.
This e-series funding round also makes OYO the most valued hospitality company in the country, ahead of the Tata group's Indian Hotels Company, which owns the Taj brand of hotels, and EIH, which owns the Oberoi brand of hotels.
'We are in a position to start due diligence and private data room access shortly.'
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
'In equities, it has diversified portfolios.' 'So the short-term movement of individual stocks does not impact them.'
CAG recommended fixing a definite time frame for rolling out simplified GST return forms.
'We need to put aside our anxieties about the Budget for now and possibly for long, and carry on as best as we can,' advises Shreekant Sambrani.
Lower revenue collection puts upward pressure on government borrowing, ensuring that it deviates from the glided path of debt reduction
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
The Indian Railways will earn a profit of Rs 951 crore (Rs 9.51 billion) in 2009-10, down 93 per cent from the 2007-08 level.
Air India's turnaround plan staggered over a period of 9 years.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
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.
The 30-share Sensex ended up 219 points at 18,620 and the 50-share Nifty ended up 63 points at 5,472.
Maharashtra is the BRS' first target.
The government was exploring options to secure higher dividend payment from state-run companies.
The government has exhausted only 39 per cent of its fiscal deficit target in the first half of FY24.
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.
Finance Minister P Chidambaram presented the Interim Budget for 2014-15 on Monday.
The main gainers on the Sensex were Bajaj Auto, TCS, Cipla, HDFC, HDFC Bank.
Banks will need more funds, as they have to provide more capital.
Govt looks at more taxes, dividends to meet deficit target.
There are doubts about the meeting of indirect tax collection target for the current fiscal as there is slowdown in the economy.
On the revenue front, the finance ministry was expecting higher proceeds from non-tax revenue.
The negative balance is largely on account of pending material cost for the work done under the programme during the year and even earlier.
Arun Jaitley will aim for jumps in other revenue streams for the government.
'Democracy cannot be taken for granted. It has to be fiercely guarded.'
'As the city grows, so do its fire incidents.'
The central government's Great Nicobar development project, proposed around an unprecedented transhipment port, will be executed to keep environmental impact minimal, and is essential as it is of national importance, the government has said amid calls to abort the controversial project due to ecological concerns, the Centre said in an official statement.
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