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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 Want to file your income tax return online? Here’s the first step
 Good news for income tax payers! Taxmen can’t deny assessee’s legitimate claim in revised return, rules ITAT
 Can file revised return after notice issued by I-T ITAT
 How to file income tax returns online if you don't have Form 16 ITR 2018-19
 These 5 websites can help you file your ITR Income tax e-filing
 Here's why some retirees no longer have to file a tax return
 How to file different categories of ITR forms online Income tax e-filing
 Here are other documents you need to file online ITR Got your Form-16 for FY18?
 10 must have documents to file your tax return
 Know all about how to file ITR FY 2017-18
 Government extends sale of pre-GST goods with stickers of revised price till July 31

Fiscal deficit in control on robust revenue
December, 01st 2006
A healthy 30 per cent growth in revenue collections has helped the government sustain its fiscal deficit at Rs 87,100 crore up to October, which is around 59 per cent of the budget estimate. The comparable figure last year was Rs 92,068 crore. 
 
The revenue deficit was also lower at Rs 67,299 crore during April-October against Rs 70,284 crore in the corresponding period in 2005-06, according to data released by the Controller General of Accounts today. 
 
Commenting on the figures, Finance Minister P Chidambaram said that the government was on course to achieve the budget estimate figures on fiscal and revenue deficit. 
 
He also expressed the confidence of meeting the target laid down under the Fiscal Responsibility and Budget Management Act (FRBM) as per which the revenue deficit is to be brought down to nil by 2008-09 and fiscal deficit to three per cent or below by 2008-09. 
 
The minister said that the revenue collections so far were impressive and the tax revenues were growing at 30 per cent up to October end. Tax revenues up to October was Rs 1,55,660 crore compared with Rs 1,16,297 crore in the same period last year. 
 
Overall, receipts was Rs 2,02,169 crore which was 49 per cent of the budget estimate against Rs 1,60,290 crore in April-October 2005-06. 
 
Despite an increase in both plan and non-plan expenditure, Chidambaram said the increase was according to expectation. He said the departments of agriculture, elementary and secondary education, power, rural development, ministry of tribal affairs had all spent more than what they had spent during April-October last year. 
 
The department of road transport and highways and the department of urban development had however spent lower than last year. 
 
Total expenditure during April-October was Rs 2,89,269 crore, compared with Rs 2,52,358 crore during the same period a year ago. 
 
Chidambaram said that the transfer to the states and union territories was Rs 16,601 crore this year compared to Rs 14,536 crore last year. 
 
Refuting the charge made in some quarters that the good fiscal performance is an accident, Chidambaram said this was on account of the fiscal prudence that the government has adopted. 
 
The ministry of finance has also allowed the space to experiment with new ideas in tax administration. It is important that the ministries spend the money that is provided in the budget but do not spend more than that, he said. 
 
Chidambaram said the government was moving slowly but surely to a technology based tax administration. 
 
He added that though there could be some initial problems in adjusting to the system, in the long run it would benefit the tax payer, reduce discrimination of the tax collector and increase revenues which is vital for development. 
 
He pointed out that though there was initial criticism of e-filing of tax returns for corporates, the government was now hopeful that the number of e-returns would exceed that of paper returns.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 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