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: TDS :: cpt :: due date for vat payment :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: list of goods taxed at 4% :: VAT Audit
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

India to meet 06-07 deficit target: FM
July, 05th 2006

Encouraged by early tax receipts, FM P Chidambaram said on Tuesday the government would meet its 2006/07 fiscal deficit target of 3.8 per cent of gross domestic product.

Last week, official data showed the country's deficit for April and May stood at Rs 720.88 billion-or 48.5 per cent of the full-year target of Rs 1.49 trillion in the first two months of the fiscal year.

"We should be able to be within our target," Chidambaram said when asked if huge spending plans threatened government finances.

"It is good that spending is happening. We are not unhappy about it. Increased spending will mean more money in the system," Chidambaram said.

The government expects the fiscal deficit in 2006/07 to be 3.8 per cent of gross domestic product, down from 4.1 per cent the previous year.

Only about 3 per cent of India's more than a billion people pay taxes despite a rapidly growing economy. But this financial year, India expects tax collection to grow by an ambitious 21 per cent to Rs 3.27 trillion.

Analysts said ministers would have to continue efforts to improve public finances.

"The government needs to be disciplined about its finances after having won some credibility following its commitment to fiscal consolidation in the 2006/07 Union Budget," according to Rajeev Malik, economist with JP Morgan Chase in Singapore.

"Indeed, fiscal slippage will undermine the government's emphasis on improving its finances, and could prompt unfavourable comments from credit rating agencies," Malik said in a research report.

International rating agencies and multilateral institutions cite India's large fiscal deficit as a barrier to sought after double-digit economic growth.

Chidambaram, who earlier met top tax officials, said the government was committed to widening the tax base and urged people to pay their taxes.

"We have no intention of harassing or squeezing anybody. We have information that a large number of people are either not paying taxes or not filing returns. Sooner or later will reach them," he said.

Tax authorities are looking to monitor people buying expensive items in a bid to track down dodgers.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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