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: form 3cd :: VAT Audit :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: cpt :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
 
 
« Budget Extravaganza »
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes
 Six things Finance Minister did not tell you in Budget 2017
 Budget 2017 and its place in history
 Tax Dept need not reveal reason for raid even to Appellate Tribunal, proposes Budget 2017
 Budget 2017 proposes a fee for delayed filing of income tax return
 No Cash Transactions Over Rs 3 Lakhs, Reduction In Income Tax And Other Highlights From Budget 2017
 Union Budget 2017: Here are the expectations of real estate sector
 10 things to expect from Finance Minister Arun Jaitley
 High expectations from budget
 India unveils Budget for recovery after cash crunch
 Increase income tax exemption limit’

Government confident of not breaching the deficit target
September, 07th 2011

The government is confident of staying within the budgeted fiscal deficit in the current year despite the accounts showing a grim situation at the end of the first four months of the current year.

"First quarter trends reflect that the government would be able to meet the deficit targets as set in the Budget Estimates," the Finance Ministry said in its quarterly review of government finances tabled in Parliament on Tuesday.

The government has set a fiscal deficit target of 4.6% of GDP in the current year, a marginal improvement over the 4.7% in 2010-11 fiscal, but most private estimates show a big slippage.

"We expect the government to miss its deficit target due to both - lower revenues and higher expenditures. Depending on the timing of the payout to oil companies, the headline deficit number could come in the 5.1% to 5.8% range," said Citi economist Rohini Malkani in a note issued on Tuesday.

The fiscal deficit in the first four months of the fiscal stood at 55% of the target. The fiscal deficit during April-June was 39.4% of the budget estimate for 2011-12 against 10.5% of budget amount in the corresponding quarter last year.

The finance ministry says fiscal deficit for the first quarter this year is not comparable to the previous year because of the unprecedented gains from the 3G auctions. "Better performance during 2010-11 may be seen in the context of one time receipts of about 1.3% of GDP during the first quarter from the auction of 3G and BWA spectrum," the statement said.

It also pointed to the high tax refunds for the revenues falling short of the projections. In a bid to clear pending tax refund the government paid out 74,000 crore in refunds in the first quarter.

The high fiscal deficit during the first quarter of 2011-12 is accounted for by a 54.5% decline in revenue receipts and 7.8% increase in expenditure over the year-ago period.

The revenue receipts although lower than last year, are in line with the five-year moving average at 11.5% of budget estimates, the finance ministry said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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