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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: Central Excise rule to resale the machines to a new company :: TDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: form 3cd :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: VAT RATES
« Budget Extravaganza »
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes
 Six things Finance Minister did not tell you in Budget 2017
 Budget 2017 and its place in history
 Tax Dept need not reveal reason for raid even to Appellate Tribunal, proposes Budget 2017
 Budget 2017 proposes a fee for delayed filing of income tax return
 No Cash Transactions Over Rs 3 Lakhs, Reduction In Income Tax And Other Highlights From Budget 2017
 Union Budget 2017: Here are the expectations of real estate sector
 10 things to expect from Finance Minister Arun Jaitley
 High expectations from budget
 India unveils Budget for recovery after cash crunch
 Increase income tax exemption limit’

Budget is jugglery of figures as state heads towards debt trap
March, 29th 2012

Leader of the Opposition in the state assembly, Eknath Khadse, slammed the state budget for 2012-13 as being a mere jugglery of figures that attempted to cover up Maharashtra's poor finances and the fact that the overall growth story had hit rock bottom. Charging that the budget had been

prepared without any serious intent to address several grave issues in the state from negative agricultural growth to financial discipline, Khadse, in his over-one hour speech, took on finance minister Ajit Pawar for doing a half-hearted job.
He pointed out that the state was heading towards a debt trap by borrowing money to make interest payments on its earlier loans. The states debt currently stands at Rs2.53 lakh crore, the highest in the country.

The state has borrowed Rs92,000 crore from the open market and to make interest payments on this amount, it borrowed another Rs24,000 crore. Of this Rs8,000 crore was used to make interest payments. What was rest of the money used for?'' asked Khadse.

The senior BJP leader alleged that public debt had more-than-doubled in the last seven years under the DF governments rule, but this was not commensurate with the creation of physical assets or improving social indicators of the state. The money has gone into the pockets of fat contractors and improved your health, he taunted, pointing to the treasury benches.

He also pointed out that with establishment costs at 63%, the state had very little finances left for development-spending. Terming this years surplus budget as mere jugglery of figures, Khadse said that the surplus would get revised to a deficit of Rs 2,000 to 3,000 crore next year.

Comparing Maharashtra to Gujarat, he pointed out that the neighbouring state had recorded agriculture growth of 14%, in stark contrast to Maharashtras -9%. He alleged this had little to do with the monsoon and more to do with maladministration.

Even after spending Rs70,000 crore on irrigation, the state has failed to improve the irrigation potential, by one percentage point. It's stuck at 17%, much lower than national average of 45%, he said.

Khadse questioned Pawar's taxation proposals, saying they had been prepared without any analysis or real impact and hence had alienated both businesses and the common man. He said real impact would have been felt if like Goa, Pawar could have given relief to the common man by reducing VAT on fuel. He also claimed that several businesses owed the state VAT refunds to the tune of Rs35,000 crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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