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: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: empanelment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Budget Extravaganza »
 GST all set for July 1 rollout but casts shadow on state budgets
 Income-Tax collection revised in Rajasthan budget
 No new taxes likely in Maharashtra Budget
 H.P. budget devoid of any financial prudence
 GST, demonetisation todecide budget priorities
 Railways to come up with mini-budget tomorrow
 Budget today, but GST kills the tax suspense
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes
 Six things Finance Minister did not tell you in Budget 2017
 Budget 2017 and its place in history
 Tax Dept need not reveal reason for raid even to Appellate Tribunal, proposes Budget 2017

Finance ministry to begin discussions on budget on Tuesday
October, 17th 2011

Indias finance ministry will start discussions on the budget for the year beginning 1 April on Tuesday, as a weak domestic and external economic environment threatens to crimp revenue and demands for increasing spending on socio-economic development programmes increases.

Union finance minister Pranab Mukherjee  will meet the financial advisers of different ministries on Tuesday to get information on expenditure demand for the rest of the current fiscal year.

After the meeting with the financial advisers, the inter-ministerial meetings on the next fiscal years budget will begin on Friday, according to a finance ministry official, who declined to be identified.

The budget is prepared by the ministry of finance broadly on the basis of detailed estimates of expenditure and receipts received from various government departments.

The budget-making exercise begins every year in the second week of September with the issue of budget circulars to all departments providing guidance in framing their revised estimates for the current year and the budget estimates for the next financial year.

October and November are devoted to follow-up action on the budget circular that includes coordinating with various ministries and departments, procuring data for the receipts budget, and scrutiny of the estimates framed by the ministries and departments for the pre-budget meetings.

Economists say the budget-making exercise for the next fiscal year will be challenging given the weakening growth momentum and high inflationary scenario in India as well as global uncertainties.

D.K. Joshi, chief economist at Crisil Ltd, said it will be a tough job for the finance minister to prepare for next years budget. Last years budget-making exercise was relatively easier because it was at the backdrop of healthy economic growth. This year, growth will be weaker, combined with a high inflationary scenario, he said.

While the Indian economy grew 8.5% in 2010-11, economic growth estimates by private agencies for the current fiscal year range between 7.2% and 7.8%.

Joshi further explained that the macro-level challenges will be far greater next year and the government has to put higher curbs on its expenditures. Unless issues regarding land acquisition and mining are sorted out, the growth potential will weaken further, he said.

M. Govinda Rao, director at the National Institute of Public Finance and Policy, said rationalization of expenditure will be a key challenge for the government next year.

While the governments expenditure on flagship schemes is increasing, capital expenditure, which helps create infrastructure, is suffering. With private investment demand falling, the government has to come up with an infrastructure investment plan for next fiscal, he said.

However, Rao said that while it is not yet clear whether government could achieve the 4.6% fiscal deficit target for the current fiscal year, achieving the targeted 4.1% deficit next fiscal may be more difficult.

Rao said tax on tobacco in India still remains much lower than the rest of the world and there is scope for increasing such taxes to boost revenue. He added that though there are too many items in the negative list in the proposed services tax reforms, it may bring substantial gains, if the government implements it.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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