Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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
Popular Search: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: due date for vat payment :: VAT RATES :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: form 3cd :: empanelment
« Budget Extravaganza »
 High time to prioritise non-tax revenue in the Budget
 Govt may abolish dividend distribution tax in budget
 Budget making in the GST era: paradigm shift
 Budget 2018: Section 80C limit may be increased
 Middle Class Can Hope For A Big Tax Relief In Budget 2018-19, Says Report
 Startup investors seek abolition of angel tax in Budget 2018-19
 Budget 2018 must avoid the temptation to bolster government revenues myopically
 How GST has taken away the wind out of the Union Budget presentation
 Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18.
 New look finance ministry team to frame contours of Budget 2018
 How presenting the Budget early seems to be paying off already

States at pre-Budget meet
January, 14th 2010

In a pre-Budget meeting with finance minister Pranab Mukherjee on Wednesday, state finance ministers demanded relaxation in the fiscal deficit targets and asked the Centre to bear a portion of salary hikes being given to state government employees. The Centre should bear 50% of the cost of implementation of the 6th Pay Commission recommendation in states, said Bihar finance minister Sushil Kumar Modi.

The issue of food price inflation came up as another a major discussion point in the six-hour long meeting. Calling for a collaborative effort on the price front, Mukherjee asked states to lift surplus food stocks allotted to them in order to combat inflation The minister pointed out that there was enough wheat and rice stocks and proposed open market sale for offloading of these stocks to increase availability in the market, which would in turn ease prices.

Off take of surplus stock by the state governments are not satisfactory. Therefore, all the state governments may cooperate in this regard to lift these surplus stock allotted to them, Mukherjee said at the meeting. He also called for efforts to increase farm productivity. FM said though 5 lakh tonne rice was given under the PDS (public distribution system), to be lifted under open market system, states lifted only 2.5 lakh tonne, said Kerala finance minister TM Thomas Isaac.

Echoing state ministers sentiment, West Bengal finance minister Asim Dasgupta said there was a need to move away from adhering to deficit targets set out in the Fiscal Responsibility and Budget Management (FRBM) Act.

Why is this mechanical obsession with this fixing proportion of fiscal deficit to GDP or to states GDP. The time has come when all of us are asking for an enhanced role of the government, we have to judiciously relax and review the FRBM restrictions on fiscal deficit, Dasgupta said. Studies reveal that there is no co-relation with rate of inflation and fiscal deficit, he adding, adding that such a relaxation will help in boosting spending in the infrastructure and other crucial sectors of the economy.

Mukherjee, in his speech, urged states to return to the path of fiscal consolidation as early as possible.

Kerala FM Isaac said, There was a near consensus on the demand made by the states that fiscal deficit cannot be brought down to 3%. Andhra Pradesh, Bihar, Gujarat Kerala demanded 4% fiscal deficit, calculated on the basis of CSO (Central Statistical Organisation) estimates,not on the basis of the 12th Finance Commission figures of state income, which is a severe injustice. It looks like the central government would be flexible in this. We should be allowed to borrow up to 5% of out state GDP from the 4% seen now. This will allow states access to about Rs 20,000 crore. For Madhya Pradesh, it would mean additional borrowing of Rs 1500 crore, said Madhya Pradesh finance minister Raghavji.

Mukherjee assured states that there would be no hasty withdrawal of the fiscal stimulus package, while projecting a GDP growth of 7.75% in 2009-10

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

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