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: articles on VAT and GST in India :: ACCOUNTING STANDARD :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company :: VAT RATES :: VAT Audit :: ACCOUNTING STANDARDS
 
 
« General »
 How to claim tax benefit on tuition fees under Section 80C
 Online Income Tax grievance redressal facility launched at 60 offices
 Demonetisation impact on government tax revenue marginal; direct tax personal income grew at above budget estimates
 ICAI seeks more accountability, transparency in defence sector
 Will Budget help double farmers’ income?
 Verify online deposits made post demonetisation, income tax department asks taxpayers
 Union Budget 2017: Best budget is do not change anything, do no harm, implement well
 Why salaried class deserves standard deduction
 3 new taxes that Modi government could introduce, but won't
 Tax gains may showcase demonetisation windfall
 Tax exemption for ELSS will help broaden investor base, channel household savings

First quarter deficit at 10% of FY11
July, 31st 2010

The pressure on government finances has eased considerably after the the windfall from auction of 3G spectrum and a pick up in tax collections.

At the end of the first quarter (April-June), the Centres fiscal deficit was only Rs 40,196 crore or a mere 10.5% of the budget estimate of Rs 3,81,408 crore for the entire year, data released on Friday showed.

In the corresponding period last year, the Centres fiscal deficit was 31% of the full year target, indicating that the government will better its target of 5.5% of the GDP for the entire 2010-11.

My personal belief is that the windfall from 3G auction can bring down the fiscal deficit to 5% of the GDP in 2010-11, said M Govinda Rao, director NIPFP.

The government has also indicated that it will not splurge the extra money and instead cut down on the deficit for the year.

The reduction in fiscal deficit in 2010-11 has been projected on the basis of improvement in tax revenues primarily due to increase in the central value added tax, increase in non-debt capital receipts and reforms in expenditure management, Finance Minister Pranab Mukhejee informed the Parliament in a written statement on Friday.

The government earned Rs 1 lakh crore from the sale of third generation spectrum as against the budgeted Rs 35,000 crore. Direct and indirect tax receipts too have risen sharply, with the first quarter advance tax payments growing at its fastest pace since 2005 at 31.4%.

Tax receipts were Rs 83,994 crore and total expenditure was Rs 2,42,208 crore for the first three months of the current fiscal year. The Prime Ministers Economic Advisory Council has also pegged the Centres fiscal deficit for the current fiscal year to be slightly lower than the governments budgeted 5.5% of GDP because of the gains from the spectrum auction and bouyant tax collections.

But it has warned that the budgeted level of fiscal and revenue deficit is still beyond the comfort zone.

 
 
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