Fears of a trillion-dollar deficit in tax collections in the current fiscal year amid a climate of economic downturn

-

New delhi date. October 21, 2019, Monday

In an internal assessment conducted by the central government, the total revenue through current fiscal year tax is estimated to be about Rs 2 trillion deficit. In the Budget for the financial year 1-3, it was estimated that revenue would be Rs 5.5 trillion through taxes.

The Finance Ministry submitted its estimate to the Finance Commission on the 15th. The Finance Commission has sought a fresh application from the Finance Ministry on diminished economic conditions, tax flows and fiscal conditions. In the fiscal year 1-3, the revenues through taxation were estimated at Rs 1.8 trillion against the estimate of Rs 5.5 trillion.

Thus, in the last financial year, the revenue through taxation was reduced by Rs 1.8 trillion. In the last financial year, the country's economic growth rate was at a five-year low, with a growth rate of 5.5 percent.

A deficit in income through taxation would mean a lack of resources to allocate money to the states. Net revenues through the central tax have been estimated at Rs 1.8 trillion in the current financial year. This means the amount of money to be paid to the states will be Rs 5.5 trillion.

Other revenues and expenditures in the current fiscal year will be as per the budget estimates and if the gross tax revenue falls by two trillion rupees, the country's fiscal deficit will increase to 5 percent of GDP in the current fiscal year, which is projected at 8 percent of the budget.

Gross tax revenue is projected to remain low despite the economy expected to improve in the last six months of the current fiscal year. Direct tax collections have seen a growth of only 5% so far this year. If the direct tax recovery is to be achieved as per the budget target, then the rest of the period will require a 5% increase in the recovery. The Budget is targeted at growth of 5.5%. Apart from direct taxes, revenue through GST is also advocating for a reduction.

Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se...
Read more