Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: list of goods taxed at 4% :: TDS :: empanelment :: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd
 
 
« News Headlines »
 4 reasons why deadline to file ITR should be extended this year
 It’s time to file your India tax return
 Are you filing the correct GST return?
 How foreign companies can file income tax return in India
 Last minute checklist for filing income tax return
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s

Budget support: Mof differs with panel
January, 12th 2007

Even as Budget preparation exercise has gained momentum, the finance ministry and the Planning Commission have failed to agree over the gross budgetary support for the annual plan 2007-08.

While the finance ministry has agreed to increase GBS to Rs 200,000 crore from earlier agreed sum of Rs 1,96,000 crore, the Commission has indicated that an additional Rs 15,000 crore would be required to meet the requirements of the priority sectors and increased demand for flag-ship programmes.

In the earlier meeting on GBS convened by the prime minister's office (PMO), the plan panel sought to increase gross budgetary support for next year by 22% to about 2,12,000 crore up from this year's (2006-07) GBS of 1,72,728 crore. This was, however, refused by the finance ministry on the ground that enough revenue could not be generated for increasing plan expenditure to that level.

The finance ministry has now agreed to provide a 16% increase in GBS over this year's support to Rs 200,000 and it is unlikely that it would go any further on the matter considering that the ministry is also looking at managing the deficit targets under the provisions of FRBM Act, said an official source.

Meanwhile, the Planning Commission is all set to send fresh requirements for plan funding to the finance ministry this week. The commission is under pressure from various ministries over higher allocations for next fiscal.

While government is looking at austerity measures to achieve growth while maintaining fiscal discipline, ministries like science and technology has sought 500% increase in allocations. Other ministries like HRD, Agriculture, Rural Development have all sought a substantial jump in plan expenditure by the government.

The source said that the government is looking at pruning the central sector and centrally sponsored schemes (CSS) to unlock funds for utilisation in meeting the plan proposals of various ministries. In fact, the restructuring exercise has been identified as the core component of the Annual Plan 2007-08.

In all 155 CSS and about 1,251 central sector schemes are in operation in 2006-07. The government wants to terminate 103 CSS and 120 central sector schemes at the end of Tenth Plan.

However, this would have to be first ratified buy the National Development Council (NDC). Even these exercises are not enough to meet the aspirations of all sections and the finance ministry would have to look at other measures to provide a balance between expenditure requirements and maintain-ing fiscal prudence.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and 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