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: ACCOUNTING STANDARDS :: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ACCOUNTING STANDARD :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: articles on VAT and GST in India :: empanelment
 
 
« Budget Extravaganza »
 Budget may put consumers before taxes to spur demand
 Budget 2017: Income tax payer friendly budget expected; Arun Jaitley may provide sops to boost housing sector
 Are you expecting good tax breaks in Budget 2017? Think again
 Budget 2017: Home insurance premium should get income tax exemption
 Demonetisation may be the trigger for any increase in service tax rate this budget
 10 things Arun Jaitley can do to make it a Budget for the middle class
 How budget 2017 can ease pain of demonetisation via income tax sops
 Budget 2017: Do we expect an overhaul of personal income tax rates and slabs?
 All eyes on Budget 2017 proposals on capital gains tax
 Budget-2017 And Gst Expectations
 Income Tax Appellate Tribunal, Kolkata Benches Kolkata Constitution of kolkata Benches for One Week From 16.01.2017 To 19/01/2017

No new taxes in pre-bypoll budget
July, 08th 2009

Despite battling revenue deficit of over Rs 4,000 crore, increasing debt-trap and recessionary mode, the Punjab government, mindful of the upcoming three byelections, has managed to repeat its last years budget mantra of No new taxes. Instead, it would be spending Rs 3,000 crore to fulfill part of its promise to the government employees of implementing 5th pay commission by giving them enhanced salaries from next month.

Announcing this during his budget speech in the Punjab assembly on Tuesday, finance minister Manpreet Badal admitted that the increase in revenue deficit over the previous year was mainly on account of provision made for implementation of the pay commission recommendations. Notably, 99% of revenue receipts are going towards committed expenditure which includes salaries, pensions and interest payment.

However, the commissions recommendation on payment of arrears with retrospective effect from January 1, 2006 may be put off till next year as the state would not be able to bear the additional burden of Rs 4,800 crore. The minister said that all the states have asked the Union government to help them out on this front.

Increased borrowings, not taxes or any other fiscal prudence, would be used to cover up the revenue deficit of Rs 4233.92 crore, even as the opposition Congress described the budget document as visionless and directionless. This comes when the government has conveyed to the finance commission that Punjab has reached a stage of debt unsustainability. The debt Gross State Domestic Product (GSDC) ratio has been calculated at 37.63% , which the FM claimed, was better than the previous years figure of 40%.

While admitting that VAT and stamp receipt collections had taken a hit after October 2008, he conceded that the slow growth of GSDP was due to the lack of investment atmosphere in the state. While poor finance has constrained public investment, tax concessions in the neighbouring hill state attracted private investment, he added.

The plan proposals, which mostly hinged around Punjabs share in the Central government schemes, are of the size of Rs 8,625 crore, which is 39% higher than last years approved outlay of Rs 6,210 crore. Maximum thrust, this year, has been given to energy sector at 30%.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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