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 VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: cpt :: ACCOUNTING STANDARD :: TDS :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps
 E-filing income tax return: How individuals can upload any ITR using excel utility
 Top 10 common mistakes to avoid when e-filing your income tax return

Higher tax refunds put pressure on fiscal deficit
November, 03rd 2014

Finance Minister Arun Jaitley said that higher tax refunds are putting pressure on the fiscal deficit. In the first six months of the current financial year, the Central Government’s fiscal deficit has shot up to 83 per cent of the Budget target.

“Higher tax refunds are getting reflected in the fiscal deficit number. This year there were pending tax refunds estimated at around ?1.20 lakh crore,” Jaitley told reporters here. The fiscal deficit is the difference between the income and expenditure of the Government.

While stating that the direct tax target was achievable, he said that meeting the indirect tax target would be challenging. “We will strive to achieve the fiscal deficit target for this financial year,” he said.

The Government wants to restrict the fiscal deficit to 4.1 per cent of gross domestic product (GDP) or ?5.31 lakh crore. However, the data released by the Controller General of Accounts (CGA) on Friday showed that it has reached ?4.39 lakh crore in the April-September period.

Interestingly, expenditure during the first six months was 48 per cent of the Budget target as against 48.6 per cent during same period last fiscal. But, total receipts reached only 33.5 per cent, which impacted the fiscal deficit.

Commenting on the deficit numbers, Aditi Nayar, Senior Economist with ICRA, said that with tax revenue growth falling short of the budgeted target in the first half, revenue buoyancy will crucially hinge upon the success of the telecom auction and disinvestment offerings in the remainder of this fiscal year.

Addressing a meeting of the Consultative Committee during the day, Jaitley said that the Government expects the growth to be in the range of 5.5-5.9 per cent. He also expressed hope that the recent decline in international oil prices and domestic food items point towards lower inflation in the coming months.

The Government has set a target of ?7.36 lakh crore for direct taxes, with a growth rate of 15 per cent. Gross direct tax collection between April 1 and October 20 was ?3.78 lakh crore, up 13.6 per cent. Out of this ?80,850 crore was paid as refunds.

“In addition to the recently announced fiscal prudence measures, savings related to the budgetary allocation for food subsidy and fuel subsidies will ease the pressure on non-Plan revenue expenditure in the second half,” Nayar said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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