The disputed amount for 1.83 lakh cases was Rs 3.6 lakh crore in September 2019, thus the amount involved in still-unresolved disputes is a staggering Rs 2.9 lakh crore.
The Budget plays and important role because it guides on what government expenditure, said Ridham Desai MD, Morgan Stanley India.
Rubbishing critics, Finance Minister Arun Jaitley today said the effects of demonetisation were not as adverse as was predicted and asserted that there has been a sharp jump in tax collections and economic activity including in winter crop sowing.
The government's to ban on Rs 500 and Rs 1000 currency will have a negative impact on consumption in the country, says Sanjay Mookim, Director, India Equity strategy, Bank of America Merrill Lynch.
Increasing the tax exemption limit to Rs 3 lakh from Rs 2.5 lakh in the union budget would add Rs 5,000-15,000 in the assessee‘s kitty.
The Finance Minister took stock of the economy with all the financial regulators, reiterating the government's growth target of around 7.5 percent, while acknowledging the fact that the global situation remains challenging.
"These collections indicate that the underlying momentum in the economy continues to improve across all sectors," Chief Economic Advisor Arvind Subramanian told reporters here.
Asia's third-biggest economy recorded a USD 83 billion fiscal deficit, or 99 percent of its full-year target, during the first eight months of financial year 2014-2015 that began in April, data showed last week.
In September itself CNBC-TV18 had reported that there would have to be massive cuts in planned expenditure. However, the magnitude of the cut is likely to be 20 percent of the planned expenditure at Rs 1.1 lakh crore.
The government is struggling to meet a 4.8 percent fiscal deficit target. The shortfall will only mean that more expenditure cuts. The disinvestment target is also far from being met and subsidies are likely to overshoot significantly.
Along with important announcements for small and medium enterprises (SMEs), the annual budget also provides numbers on the Indian economy that can impact SMEs.
Reining in the fisc is part of Budget 2012 special series. From the RBI to global investors among others, the government’s fiscal indulgence has had everyone worried. After failing on this count this year, can the finance ministry overcome politics to regain a sense of fiscal credibility?
India is grappling with slowdown in the economy and bleeding market. This, however, may not increase fiscal deficit of India. According to finance ministry sources, FY12 fiscal deficit may rise marginally at 4.8% compared to a target of 4.6%, reports CNBC-TV18.
Advance tax payments from India's top 100 companies have risen 9.9% on year at 317.07 billion rupees in the July-September quarter from the year ago period, a finance ministry official told reporters on Wednesday.
The SBI rights issue has been the talk of the season in the banking space over the past month. While it’s still not clear if the rights issue will happen at all, the public sector bank is in for a jolt. Sources at the finance ministry have revealed that the government might not subscribe to SBI's planned rights issue, reports CNBC-TV18.
Hefty refunds pulled down net direct tax collections by 8.14% to Rs 78,679 crore during the April-July period of this fiscal. Net direct tax collections stood at Rs 85,647 crore in the year-ago period.
Allaying fears of sluggish economic growth impacting tax collections, Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra today exuded confidence that revenue targets for 2011-12 will be achieved.
Cash conditions in the Indian banking system may improve substantially by the end of March as the government is unlikely to hold back on budgeted spending as the fiscal year nears its end, policymakers said.