« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  Tax boom keeps govt buoyant... When cure is better than prevention... » Fiscal deficit up 43 pc in Q1 August, 26th 2006 Despite 32 pc rise in gross tax revenues -------------------------------------------------------------------------------- Expenditure rise Growth in revenues was overtaken by a sharper increase in total expenditure (40 per cent), with a higher growth of 59 per cent in Plan expenditure and 34 per cent in non-Plan spending. -------------------------------------------------------------------------------- The Centre's deficit numbers have registered a spurt during the first quarter of the current fiscal. According to the Finance Ministry's Quarterly Review of Government finances tabled in Parliament on Friday, the Centre's gross fiscal deficit during April-June 2006, at Rs 77,740 crore, was 42.6 per cent higher than the Rs 54,517 crore for April-June 2005. The corresponding figures were similarly higher for the revenue deficit (Rs 70,675 crore versus Rs 47,311 crore) and the primary deficit (Rs 48,126 crore versus Rs 28,089 crore). The fiscal deficit equals the Centre's total expenditure (on both revenue and capital accounts) minus its revenue and other non-debt receipts. The primary deficit is the fiscal deficit net of interest payments, while revenue deficit is the difference between the Centre's revenue receipts and revenue expenditures. Buoyant conditions The rise in deficit numbers comes despite a healthy 32 per cent increase in the Centre's gross tax revenues, led by service tax (up 58 per cent), corporation tax (up 50 per cent), income tax (up 40 per cent), customs (32 per cent) and excise (seven per cent). Significantly, the collection of securities transaction tax during the first quarter, at Rs 1,217 crore, was way above the Rs 359 crore raised in the same period of 2005, reflecting buoyant market conditions. But the growth in revenues was overtaken by a sharper increase in total expenditure (40 per cent), with a higher growth of 59 per cent in Plan expenditure and 34 per cent in non-Plan spending. The review statement said that the higher Plan expenditure was due to the large advance transfers made for the Rural Employment Guarantee Scheme (REGS), while non-Plan spending zoomed because of higher food and fertiliser subsidies. Spending under the REGS alone went up from Rs 4,369 crore to Rs 8,996 crore. There has also been a `front-loading' of expenditure by various Ministries and Departments during the first quarter of this fiscal, the statement added.