Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARD :: empanelment :: ACCOUNTING STANDARDS :: cpt :: TDS :: form 3cd :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India
 
 
« Direct Tax »
 Can we measure demonetisation’s impact on income tax collections?
 CBDT signs 2 more advance pricing pacts
 Income tax returns: How to calculate income from house property
 CBDT proposes new accounting standards for real estate firms
 1 lakh entities face I-T action as ‘clean money’ drive gains pace
 Here are 4 things to know about how CBDT improves ease of doing business by issuing PAN and TAN within 1 day
 Online platforms make tax filing easy, help fill details automatically
 Delhi HC refuses to stay tax case against Young Indian
 CBDT issues draft ICDS on real estate
 CBDT chairman Sushil Chandra gets one-year extensiona
 Income-tax (9th Amendment) Rules, 2017? - Amendment of Income-tax Rules, 1962 - Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income-tax Act, 1961-reg

Deficit under control, says Finance Ministry
October, 07th 2011

The Finance Ministry believes that fears about the fiscal deficit getting out hand during current fiscal 2011-12 are unwarranted.

The Government estimates the fiscal deficit to be 4.6 per cent of the GDP but various rating agencies like Moodys' think it would be around 5 per cent. Some fear that it may even be in the 5.5-6 per cent range.

Analysts sounded the alarm when the Government announced an additional borrowing of Rs 52,872 crore for the second half of the current fiscal starting October 1. Some analysts feared that the additional borrowing could touch Rs 1 lakh crore.

The Government currently aims to borrow Rs 4.70 lakh crore as against the budgeted Rs 4.17 lakh crore

A senior Finance Ministry official told Business line, There is no alarming picture. All the parameters are according to trend.

He said that in the last five years, during the first five months of the fiscal, the average fiscal deficit has been 61 per cent of the Budget estimate. This year it is 66 per cent.

The official said, We are almost in line with the past, especially when it needs to be noted that there was no Rs 1.06 lakh crore (through the auction of spectrum) additional earning this fiscal.

Tax collections
Talking about tax collections, despite heavy front-loaded refunds, the official said net direct tax collection has turned positive.

The Income-Tax Department, during April-September, refunded Rs 64,000 crore. Despite this gross direct tax collection, which includes income tax, is estimated to have grown by 23.5 per cent during April-September.

We think that with such a growth rate, direct tax collection may exceed the Budget target by Rs 8-10 thousand crore, the official added. The Government fixed a target of Rs 5.33 lakh crore for the direct tax collections in the Budget.

Indirect tax collection has grown by 25 per cent.

This is despite duty cuts on crude oil and petroleum products, the official said. According to the Budget estimates, the Government aims to mobilise Rs 3.99 lakh crore during current fiscal.

The official also claimed that expenditure is on the projected track.

However, analysts say that the relatively high global oil prices and rupee depreciation will cause the Government's oil subsidy to surpass initial estimates. Interest payments, which account for over 20 per cent of the total Government expenditure, may also exceed Budget projections.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions