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 :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: due date for vat payment :: cpt :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: form 3cd
 
 
News Headlines »
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns
 Government may set threshold for probe into deposits to prevent harassment of taxpayers
 How to calculate capital gains tax
 April 1 still the target for GST: FM
 How to respond to CBDT’s tax compliance notice
 Goods & Services Tax (GST)(As On 01-01-2017)
 Excise, service taxpayers to migrate to GST portal by January 31
 Tax numbers belie slowdown: FM
 Income tax (1st Amendment) Rules, 2017
 Anti-avoidance tax rule to kick in from April 2017

Budget should focus on farm sector: FM
February, 03rd 2007

Finance minister P Chidambaram said on Friday that targets set in the FRBM Act for 2006-07 will be met. The overall revenue and expenditure progress achieved till now shows that fiscal deficit would be lower than the budget estimate, he indicated while chairing a meeting of the Parliamentary consultative committee attached to the finance ministry. FRBM targets envisage elimination of revenue deficit and reduction of fiscal deficit to 3% of GDP by 2008-09.

The meeting was convened to consider suggestions for the 2007 budget. According to a press statement issued by the ministry, most members of the committee emphasised the need for a greater thrust on the agricultural sector. The committee called for greater investment, lower interest rates and a reduction of taxes to make inputs cheaper for the agricultural sector.

The committee was of the view that some sort of cieling for the fringe benefit tax (FBT) be introduced. Other suggestions include abolition of central sales tax (CST), revenue implications of SEZs, reduction of customs and excise duties, continuation of subsidies, development of self-help groups and greater efficiency in the tax structure, the statement said. Mps who attended the meeting include Jivabhai A Patel, Prahlad Joshi, Narsingrao H Suryawanshi, Gireesh Kumar Sanghi and M Ramadass among others.

The need for introducting schemes to unearth black money was emphasised. Creation of a corpus fund for farmers and restructuring of petro-prices were other issues that were brought up.

The minister allayed fears about the rising inflation rate by saying that the high inflation was an outcome of high growth rates. Net tax revenue receipts as a proportion of budget estimates have improved from 47.6% during April-November 2005-06 to 54.1% in April-November 2006-07, the minister said. The minister also emphasised that while interest burden as a proportion of GDP is decreasing, education loans have increased by three times as on end September 2006 over the previous year. 

 
 
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