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 :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARDS :: VAT RATES :: ACCOUNTING STANDARD :: empanelment :: TDS
 
 
Direct Tax »
 CBDT holds circular on indirect tax provisions
 CBDT puts on hold circular on taxation of indirect transfer of shares
 CBDT prods officials to meet tax collection targets
 Budget 2017: Direct tax reforms to be gradual than radical, says KPMG
  FM Arun Jaitley may drop tough tax accounting rules
 FM Arun Jaitley may drop tough tax accounting rules
 How to view your TDS through form 26AS?
 Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961
 Banks must furnish information on accounts that have seen deposits over 2.5 lakh: CBDT
 Govt expects direct and indirect tax targets to exceed budget estimates this fiscal
 Tax recovery from Swedish majors in payment dispute put on hold

Short on revenue, government may go for larger market borrowings
December, 28th 2011

The government is finding it difficult to meet direct tax target due to industrial slowdown and may go in for larger market borrowings than the revised target of Rs 4.7 lakh crore in the current fiscal, a top Finance Ministry official said today.

"Growth slowdown is a big challenge. We may miss the direct tax target ... meeting 4.6 per cent fiscal deficit target is out of question," the official said.

The government envisages to mop up Rs 5.32 lakh crore from direct taxes, which mainly comprise corporate and personal income taxes. The net direct tax collection was Rs 2.35 lakh crore during the first eight months of this fiscal.

"There has to be extra (market) borrowing to bridge (the revenue) deficit. If deficit increases then the government will have to borrow," he added.

In September, the government had announced an additional market borrowing of Rs 52,800 crore on top of Rs 4.17 lakh planned in the Budget.

Besides, slowdown in the economic activities due to domestic and global factors, the government's subsidy bill on petroleum and fertilisers is likely to increase further.

Recently, Finance Minister Pranab Mukherjee said that subsidy bill in the current fiscal is likely to go up by a massive Rs 1 lakh crore on account of higher outlays towards fertiliser, food and oil.

In the Budget, the government had earmarked Rs 1.34 lakh crore towards major subsidies like fertilizer, food and oil.

On the economic slowdown, the Finance Ministry official said that the high interest rate regime was hurting growth.

The Reserve Bank has adopted a tight monetary policy since March 2010 and raised interest rates 13 times. However, it did hike interest rates in last monetary policy review.

The factory output measured on the Index of Industrial Production (IIP) contracted by 5.1 per cent in October, the worst performance in almost 2.5 years.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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