The immediate revenue loss could worsen the Centre's fiscal deficit, from the budgeted 3.3 per cent of gross domestic product (GDP) to 3.7 per cent of GDP -- a massive 40-basis-point increase. It was stabilised at 3.4 per cent since 2016-17, report Abhishek Waghmare and Dilasha Seth.
Only 80.6 per cent of the Rs 6-trillion allocation has been spent by February, data from the Controller General of Accounts shows.
D R Dogra, managing director and CEO, Care Ratings, says that the finance minister should start the process of fiscal consolidation from his Budget 2010-11.
Providing comfort to the government on the revenue front amid fiscal stress, direct tax collection is moving closer to the revised Budget target for 2021-21 and may get a further thrust from the last instalment of the advance tax payment, the deadline for which ended on Monday. The contraction in net direct tax collection narrowed to 5 per cent year-on-year as on March 15 compared to a 9 per cent decline seen in January. In absolute terms, net collection stood at Rs 8.2 trillion against Rs 8.67 trillion in the same period last year, according to the provisional numbers shared by a government official.
The finance ministry may succeed in collecting over Rs 2,52,900 crore (Rs 2,529 billion) in taxes to meet the revised estimate for 2003-04 despite hefty refunds.
If other states follow suit, it is going to become difficult for the GST Council to decide on the next stage of reforms.
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
Amid rising demand for coal freight and an aggressive push towards diversifying its freight basket, Indian Railways is planning to buy 100,000 more wagons over the next three fiscal years. The procurement plan will majorly comprise BOXN wagons, which are used to transport coal, said a senior Ministry of Railways official. Notably, the railways recently floated a sizeable tender worth Rs 35,000 crore of wagons, which had been in the pipeline since 2018. "Our Budget Estimates for freight increase were conservative.
Finance Minister Nirmala Sitharaman will keep on the path of fiscal consolidation and opt for narrowing the FY24 fiscal deficit to as low as 5.8 per cent in the upcoming Budget, analysts said on Tuesday. The government may go for a fiscal deficit number which will be far lower than the 6.4 per cent of GDP budgeted for FY23, they said, pegging the Budget figure for the next fiscal in the range of 5.8 - 6 per cent. Given the fact that this will be the last full Budget of the present government, there may be a temptation to make it into an expansionist one.
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.
Reeling under a series of derailments, the Budget is likely to announce creation of a separate safety fund of about Rs 1 lakh crore over the next five years.
Australia has said it would not pursue the case of Wikileaks founder Julian Assange with the United States any further as it no longer serves the country's interests.
'Democracy cannot be taken for granted. It has to be fiercely guarded.'
'In equities, it has diversified portfolios.' 'So the short-term movement of individual stocks does not impact them.'
India is set to add 10,000 budget hotel rooms in the next two years in response to the burgeoning demand for low-cost accommodation across the country.
Spectrum auction and divestment proceeds likely to disappoint, subsidies are likely to overshoot the Budget target and there might also be some shortfall in tax collections.
Even if the same party returns to power, what is important to debate is that having introduced an entitlement, how challenging it is to reverse such decisions, says Mukesh Butani.
Sitharaman said the government will bring in a new national education policy to transform India's higher education system into one of the best in the world.
The Budget estimate of 2009-10 includes a sum of Rs 35,000 crore as expected revenue from auction of 3G spectrum, finance minister Pranab Mukherjee said in Budget papers.
The states will be able to raise additional open market loans of about Rs 21,000 crore (Rs 210 billion) in the current year, according to the 2009-10 Budget estimates presented on Monday. According to Budget estimates of 2009-10, the states' share of taxes and duties is expected to increase to Rs 1,64,361 crore (Rs 1,643.61 billion) against Rs 1,60,179 crore (Rs 1,601.79 billion) in 2008-09.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
Andhra Pradesh Chief Minister K Rosaiah on Saturday presented a tax-free budget for financial year 2010-11 with an outlay of Rs 1,13,675 crore (Rs 1.13 trillion) and a projected expenditure of Rs 1,13,660 crore.
The increased plan allocation from the Centre is expected to help Delhi complete various projects related to next year's Commonwealth Games. The city got Rs 814 crore for projects under the Jawaharlal Nehru Urban Renewal Mission, while Rs 315.82 crore has been proposed for providing basic services to the urban poor. The total allocation also includes Rs 1,129.82 crore given to the city under urban infrastructure development for small and medium towns.
M Govinda Rao hopes the Budget will contain the deficit while continuing to create conditions for pushing growth.
Though India is one of the fastest growing economies, how big is the country's budget compared to other countries in the world?
Under the 11th Five-Year Plan (2007-12), Rs 550 crore (Rs 5.5 billion) was provided for promoting exports through Market Access Initiative scheme.
High crude oil prices in 2008 have left the government richer by a few thousand crore rupees. In 2008-09, the government earned "windfall profits" from the petroleum sector as crude oil prices spiked, touching a high of $147 in July 2008.
Because of the economic slowdown, the actual corporation tax collection in 2012-13 was at Rs 3,56,326 crore (Rs 3,563.26 billion), up 10.4 per cent year-on-year as against 15.6 per cent estimated in the Budget.
'As the city grows, so do its fire incidents.'
The Prime Minister's Economic Advisory Council warned of serious fiscal risks from growing off-Budget liabilities, which are estimated at 5 per cent of gross domestic product in 2008-09. This would be much more the budgeted central government deficit of 2.5 per cent of GDP for the year.
Benchmark indices closed higher on the last day of August, amid volatile trading session led by FMCG and IT shares.
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.
The Budget refers to the 'Annual Financial Statement', laid before both the Houses of Parliament (Lok Sabha and Rajya Sabha).
Goyal is expected to discuss the targets for the banks for 2019-20, as well as priority sector lending, recovery on non-performing assets, and the bankruptcy proceedings of various companies, which owe money to the banks.
For first time in 8 yrs, stake sale proceeds could exceed Budget Estimates. ONGC's acquisition of HPCL alone could get the exchequer more than Rs 30,000 crore.
The finance ministry plans to work out its borrowing calendar.
The service conditions and judges' remuneration are not alluring .
