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: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd :: VAT RATES :: ACCOUNTING STANDARDS :: cpt
News Headlines »
 5 Tax tasks you should complete before March 31
 March 31 deadline nears: Check out these last-minute tax-saving investment options
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018

Status quo on tax rates in high-deficit interim budget
February, 16th 2009

With no changes in tax rates but higher spending toward social sector projects, Minister for External Affairs Pranab Mukherjee Monday tabled a Rs 952,231 crore (Rs 9.52 trillion/$190.6 billion) interim budget for 2009-10 that chose to give fiscal prudence a miss during "extraordinary economic circumstances".

Presenting the interim budget on behalf of Prime Minister Manmohan Singh who is recovering from heart bypass surgery, Mukherjee devoted large parts of his 69-minute speech to the achievements of the United Progressive Alliance (UPA) government and said additional steps needed to be considered in the regular budget to be presented by the next government, after the ensuing general elections in a month or two.

He, however, made it clear that India's growth story remained intact and that the steps taken by his government had helped in cushioning the impact of global crisis on the country's economy.

"In these difficult times, when most economies are struggling to stay afloat, a healthy 7.1 percent rate of gross domestic product (GDP) growth still makes India the second fastest growing economy in the world," he said.

"Extraordinary economic circumstances merit extraordinary measures. Now is the time for such measures," he said, as he presented the vote on account, seeking the parliament's approval for financing government expenditure till the regular budget is presented and passed.

As the result of enhanced spending on social sectors, towards schemes like rural employment guarantee scheme, higher education and mid-day meal programme for school-going children, the minister said the fiscal deficit would shoot up to 5.5 percent of the GDP.

He said in the current year, too, the fiscal deficit would climb to 6 percent, against the budgeted 2.5 percent, while revenue deficit would move up to 4.4 percent against 1 percent. Tax collections were also not helping either, he said, adding that there was a significant shortfall compared with budget estimates.

"Since the scope for revenue mobilization is bound to be limited in a period of economic slowdown, any increase in plan expenditure will increase the fiscal deficit."

The budget was not bereft of new schemes. Mukherjee unveiled the Indira Gandhi National Widow Pension Scheme and Indira Gandhi National Disability Pension Scheme for widows and disabled people in the age group 18-40 years.

The external affairs minister said crisis of the magnitude being faced by developed countries was bound to have an impact around the world, resulting in emerging markets also slowed down significantly.

"India too has been affected," he said, adding export growth dipped 17.1 percent in the first nine months, while industrial production fell 2 percent in December 2008.

Minutes after he presented the budget, Mukherjee was asked why he had decided to ignore tax measures to boost the economy. His reply was that the interim nature of the budget has placed constraints. "That's why I have said that the regular budget needed to address the concerns," he said.

"Our government had done tremendously well and we didn't need a populist budget. We did not play to the gallery and followed the constitution to a T as required in an interim budget."

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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