Crosses Budget Estimate by 5.5%, govt expected it to be 4.6% of GDP for current financial year
The tax collections are down by Rs 60,000 crore (Rs 600 billion) over budget estimates for 2008-09, Pranab Mukherjee said.
Lower revenue collection puts upward pressure on government borrowing, ensuring that it deviates from the glided path of debt reduction
'We are in a position to start due diligence and private data room access shortly.'
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
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.
Tax devolution shares, which threaten to create a north-south divide among states, may have more to do with per capita income, and not so much with population.
India's smartphone shipment grew by 11.5 per cent in the first quarter of calendar year (CY) 2024 on a year-on-year basis to 34 million units. This is the third consecutive quarter of growth in shipments, International Data Corporation's (IDC) Worldwide Quarterly Mobile Phone Tracker said.
Public-sector enterprise stocks have seen a good run thus far in 2023-24 (FY24), with the S&P BSE PSU Index surging by over 26 per cent during the period, compared to an 11 per cent increase in the benchmark S&P BSE Sensex.
'Not disclosing information to the public indicates that there is something wrong with Project Cheetah.'
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.
The capital outlay for the three services, for modernisation, stood at Rs 78,586.68 crore
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.
Of the Rs 1.97 trillion that the government intends to spend on all 14 production-linked incentive (PLI) schemes, around Rs 41,000 crore remains unutilised as of now, according to a senior government official. This means that 80 per cent of the total allocated amount, or Rs 1.56 trillion, will be used to pay incentives to companies eligible to claim benefits over the next few years. The unutilised amount/savings result from undersubscription, lukewarm responses in the case of schemes such as textile, as well as a reduction in the allocation of schemes.
The government's food subsidy in the ongoing fiscal year is expected to be a little less than Rs 4 trillion.
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.
Maharashtra is the BRS' first target.
Collection will have to rise by 30 per cent in the remaining period of the financial year to achieve the Budget estimate.
The coaching-tuition-profiteering model built on the back of a broken education system is a scandal and an abomination, and must go, asserts Shekhar Gupta.
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.
Given the gap between budgetary allocation and use, a parliamentary standing committee has asked the Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (Ayush) to take steps to prevent underutilisation of funds under the National Ayush Mission (NAM) scheme. According to the data, the ministry was allocated Rs 1,200 crore for the mission in the Budgetary Estimate (BE) for FY24. The Revised Estimate (RE) for the year fell to Rs 815 crore, of which Rs 589 crore, or 74 per cent, has been spent till January.
Finance Minister Pranab Mukherjee was saddled with a number of handicaps when he presented the Union Budget 2012-13 on Friday morning.
The major beneficiaries have been the ministries of roads and highways, railways and power
Growth rate in per capita income is projected to fall to the lowest in 21 years this financial year - except for the financial years 2019-20 (FY20) and 2020-21 (FY21) - according to the first advance estimates. During the last 21 years, the two periods - FY20 and FY21 - saw growth rates in per capita income lower than 7.9 per cent, seen during FY24. This was despite the real gross domestic product (GDP) being projected to grow by 7.3 per cent in the current financial year by the first advance estimates.
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.
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.
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.
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.
Populism gains momentum during election periods, and this trend is evident in at least four states: Telangana, Rajasthan, Madhya Pradesh and Chhattisgarh.
Excise duties on mobile phones to be 1% without CENVAT credit or 6% with CENVAT credit. This provision will have marginal impact on telcos.
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
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.
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.
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.
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
It is time to take a few macroeconomic risks to kick start the growth.
