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: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: list of goods taxed at 4% :: form 3cd :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: Central Excise rule to resale the machines to a new company :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS
Budget Extravaganza »
 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
 Budget advancement helps Centre, states start spending early
 Five things that you can expect from the Mumbai civic budget today
 GST all set for July 1 rollout but casts shadow on state budgets
 Income-Tax collection revised in Rajasthan budget
 No new taxes likely in Maharashtra Budget
 H.P. budget devoid of any financial prudence
 GST, demonetisation todecide budget priorities
 Railways to come up with mini-budget tomorrow

India Budget May Roll Back Tax Breaks
February, 20th 2010

India's budget for the coming fiscal year will likely roll back tax breaks and curb spending growth, marking an effort by New Delhi to rein in a deficit that widened sharply on costly fiscal measures to stoke an economic recovery during the global financial crisis.

With the economy gaining steam, the government will count on higher tax revenue and proceeds from state asset sales to lower the deficit to 5.5% of gross domestic product in the fiscal year starting April 1 from 6.8% in the current year.

Finance Minister Pranab Mukherjee, who will unveil the budget next Friday, will likely signal an intent to re-embrace fiscal discipline, which the government abandoned two years ago to help India through the deepest global downturn in decades.

The budget will ensure, however, there is sufficient stimulus to sustain the recovery. And the government is likely to continue leaning heavily on the bond market for funding, with gross market borrowing set to be on par with this year's record 4.51 trillion rupees ($97 billion).

"Exit measures should be calibrated in a manner that stimulus in the economy should continue. At the same time, some adjustments will be made to bring down the fiscal deficit," said C. Rangarajan, chairman of Prime Minister's Economic Advisory Council.

Higher cash inflows will give New Delhi plenty of room to spend heavily on education, healthcare and job creation in India's vast agricultural sector, which employs 60% of the country's more-than-a-billion population. A 15%-20% increase in such spending is likely, said HSBC economist Robert Prior-Wandesforde, a slower pace than this year's 33% rise.

The pickup in economic growth - GDP is set to expand more than 8% next fiscal year compared with 7.2% this year - will give the government more leeway to remove some accommodative steps it took to bolster business activity and consumer spending.

The government is likely to lift taxes levied at factory gates by two percentage points, taking back some of the reduction of four to eight percentage points during 2008-2009. It is also likely to increase the services tax back to 12% from 10%, reversing a temporary cut.

Such steps, while cautious, will boost revenue. A stronger economy will also shore up the public coffers.

Manoranjan Sharma, economist at Canara Bank, said direct tax revenue in excess of four trillion rupees next fiscal year is likely, up from 3.7 trillion rupees that Central Board of Direct Taxes Chairman S.S.N. Moorthy expects this year.

Mr. Mukherjee may also set a time frame for a uniform goods and services tax aimed at replacing a host of charges such as an import tax and value-added tax.

Prime Minister Manmohan Singh's government seeks to cut its stakes in 68 firms, including Steel Authority of India and Coal India.

Such sales could net up to 400 billion rupees next fiscal year, said Edelweiss Securities economist Siddhartha Sanyal. A proposed auction of third generation mobile telephone bandwidth, if pushed to next fiscal year, could fetch 250 billion rupees.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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