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: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: empanelment :: VAT RATES :: cpt :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd
 
 
« General »
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956
 Introduce indemnity clauses with suppliers on tax compliance: Expert

Extra tax mop-up will help government achieve its fiscal deficit target
June, 30th 2016

Implementing the Seventh Central Pay Commission's recommendations could make it difficult for the government to achieve its fiscal deficit target if revenue falls short of estimates, although the possibility of granting allowances from a later date gives it some wriggle room.

Together with arrears payable from January 1, 2016, the additional burden for the government will be Rs 60,608 crore in the current financial year.

Finance minister Arun Jaitley said adequate provisions had been made in the budget for the Pay Commission award. He had estimated fiscal deficit of 3.5% of GDP in the budget for FY17. The Pay Commission had projected a Rs 72,800 crore impact because of pensions and salary increases and Rs 29,300 crore on account of allowances. SBI said the budget had made a provision of Rs 53,844 crore, only marginally less than what the government expects, excluding allowances.

Part of the payout will be recouped through higher taxes on increased salaries and indirect taxes on goods purchased by government employees. Besides, with allowances delayed until a committee reviews them, the government has a better chance of meeting its target. Calculations could be upset if some revenue assumptions go awry, in particular funds raised from sale of telecom spectrum and disinvestment.

"The additional expenditure burden is not very big in the larger context of the fiscal situation, but the challenges may come from the aggressive tax targets and large capital receipts from disinvestment and spectrum sale," said Abheek Barua, chief economist at HDFC Bank. "In the worst case scenario, the overshoot will not be more than 0.2-0.3%."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

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