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: TDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: form 3cd :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: cpt :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company
« Budget Extravaganza »
 Why advancing the Union Budget date may not make much difference
 Govt keen 2017-18 budget should not clash with polls: Arun Jaitley
 Finance Ministry seeks industry suggestions on taxation for Budget
 Budget should focus on fiscal firm up
 Finance ministry keen to present Budget on February 2 or earlier
 Poor railway performance may mar merged Budget
 Cabinet’s formal nod to be sought for Budget on Feb. 1
 Finance Ministry may talk to EC before finalising Budget date
 Govt starts biggest ever overhaul of Budget
 How does an early budget impact you
 Welcome steps to overhaul the Budget

Finance Ministry asks ministries to adhere to budget, not ask for additional funds in 2012-13
October, 25th 2012

The Finance Ministry has asked all central ministries to strictly adhere to the budgeted allocation as it would not be possible to provide additional funds because of tight fiscal situation in the current fiscal. "We have strictly asked all administrative ministries to stick to the funds provided in the 2012-13 budget and not seek any further funding under any scheme," a Finance Ministry official said. The Finance Ministry has indicated this to central ministries while working out revised estimates for the current fiscal.

The revised estimates would be presented before Parliament during the Budget for 2013-14. "The revenue is not buoyant. The only way we can control finances is by trimming expenditure. So, we have asked the ministries to stick to their budget allocation," the official added. At the time of revised estimates, various ministries come up with estimates of expenditures for the entire fiscal and furnish them to the Budget division in the Finance Ministry.

Finance Ministry officials have already indicated that it would be difficult for the government to maintain fiscal deficit at the budgeted level of 5.1 per cent of GDP. Besides higher outgo on subsidies, lower rate of growth in tax revenues and poor off-take of disinvestment programme is adding to the fiscal woes of the Centre. During April-September period, gross direct tax collection rose by 5.9 per cent, as against the target of 15 per cent. Indirect tax collections grew at 15.6 per cent, against the annual target of 27 per cent.

The Finance Ministry has said that arranging additional funds will be difficult due to tight fiscal situation in the current fiscal.

Further, with nearly seven months of the fiscal about to get over, the government is yet to start its disinvestment programme, through which it aims to raise Rs 30,000 crore in 2012-13. Finance Minister P Chidambaram, soon after he assumed office in August, appointed a three-member expert panel headed by former Finance Secretary Vijay Kelkar, to suggest fiscal consolidation roadmap.

Among other things, the Kelkar panel recommended hike in price of cooking gas and kerosene, besides making a case for sharp reduction in oil and fertiliser subsidy. Rating agency Standard & Poor's in its recent report had indicated that fiscal deficit could go up to 6.1 per cent of the GDP. In 2011-12, the fiscal deficit was 5.76 per cent.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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