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 :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: form 3cd :: VAT RATES :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: empanelment
 
 
News Headlines »
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return

Fiscal gap likely to be lower
July, 25th 2006

Higher tax collection, lower expenditure

Higher tax collection and lower expenditure are likely to bring down the fiscal deficit in 2006-07, said the Reserve Bank of India in the Macroeconomic and Monetary Developments, released on Monday.

In the report, RBI said the combined gross fiscal deficit of the Central and state governments is likely to decline by one percentage point to 6.5 per cent of GDP in 2006-07 against 7.5 per cent in 2005-06.

The combined primary deficit is likely to decline to 0.8 per cent against 1.6 per cent and revenue deficit is likely to decline to 2.2 per cent against 3.1 per cent.

The process of fiscal consolidation of the Centre and States is expected to continue in 2006-07, which would lead to a lower combined debt-GDP ratio of 78.6 per cent by March 2007, against 79.5 per cent in March 2006.

The period April-May 2006 showed tax revenue of Rs 15,087 crore against Rs 8,659 crore in the same period last year. While there was an increase in corporation tax, personal income tax and customs duties, union excise duties declined over last year, said the RBI report.

Non-tax revenue improved to Rs 4,243 crore (Rs 3,285 crore) mainly on account of returns from economic services.

Total expenditure also increased to Rs 91,918 crore (Rs 59,737 crore) due to increase in interest payments, food and fertiliser subsidies, grants to states and higher non-defence capital outlay, the report said.

During April-June 2006, the secondary market yield on the 10-year Government securities increased to 7.64 per cent from 7.01 per cent.

The Central Government took recourse to Ways and Means Advances on 36 days during 2006-07 (up to July 14) as compared with only two days during the entire fiscal year 2005-06. The average WMA utilisation during 2006-07 (up to July 14) was Rs 1,370 crore against Rs 12 crore in the corresponding period last year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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