Page 5 - Latest Updates on Budget estimates
Centre still hopeful on 6.4% fiscal deficit on back of tax revenue gains
The net tax revenue budget estimate for FY23 was Rs 19.35 trillion; a boost of Rs 4.5 trillion would take the revised estimates to Rs 23.85 trillion
 "Centre still hopeful on 6.4% fiscal deficit on back of tax revenue gains")
Centre's fiscal deficit touches 45.6% of Budget target till October
With the GDP numbers out, the deficit stood at 4.7 per cent of GDP in the first six months of FY23
 "Centre's fiscal deficit touches 45.6% of Budget target till October")
Tax collections to cross budget estimates in current fiscal, says govt
Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance
 "Tax collections to cross budget estimates in current fiscal, says govt")
Tax collection to exceed Budget estimate by nearly Rs 4 trn: Revenue Secy
India's tax collection will exceed the budget estimate by nearly Rs 4 trillion in the current fiscal on the back of buoyant income tax, customs duty and GST mop-up, Revenue Secretary Tarun Bajaj said
 "Tax collection to exceed Budget estimate by nearly Rs 4 trn: Revenue Secy")
Abolish exemptions
Instead of reducing tax rates, Budget 2023 should take steps to reverse the decline in tax buoyancy
 "Abolish exemptions")
Finance ministry likely to give additional Rs 25,000 crore for MGNREGS
But asks rural development ministry to identify and remove inefficiencies
FM Sitharaman likely to begin pre-Budget talks from third week of November
FM Nirmala Sitharaman and senior officials will hold eight meetings in all with all stakeholders
 "FM Sitharaman likely to begin pre-Budget talks from third week of November")
Fiscal correction: Focus should be on reducing the fiscal deficit
The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year
Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23
Duty cuts on edible oil, petro products to blame; may not hit overall collection
 "Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23")
The process involved in preparing the Union Budget: An explainer
All of this culminates on February 1, when the Cabinet approves the budget, the Finance Minister presents it to the President, then proceeds to Lok Sabha, where she rises at 11 am to begin her speech
 "The process involved in preparing the Union Budget: An explainer")
India's April-August fiscal deficit recorded at 32.6% of FY23 target
Sabnavis said the progress till August shows that the government's accounts are on course compared with last year
 "India's April-August fiscal deficit recorded at 32.6% of FY23 target")
Fiscal deficit touches 32.6% of annual target till August this fiscal
As per the data released by the Controller General of Accounts (CGA), the government's total receipts, including taxes, stood at Rs 8.48 trn or 37.2 per cent of the Budget Estimates (BE)
 "Fiscal deficit touches 32.6% of annual target till August this fiscal")
Five years of GST: Indirect tax reformed, but there's still some way to go
July 1 will mark five years of goods and services tax (GST) in India. Starting today, we track the journey through a series of reports
 "Five years of GST: Indirect tax reformed, but there's still some way to go")
Centre's FY22 fiscal deficit at 6.7% vs revised estimates of 6.9%
April saw revenue surplus of Rs 591 crore
 "Centre's FY22 fiscal deficit at 6.7% vs revised estimates of 6.9%")
Which metric is more significant in UP: Total debt or debt-to-GSDP ratio?
From 2005 to 2014, the absolute value of UP's debt was increasing at an average rate of Rs 14,441 crore
 "Which metric is more significant in UP: Total debt or debt-to-GSDP ratio?")
Centre's April-January fiscal deficit touches 58.9% of full-year target
Revenue expenditure was Rs 23.68 trillion, or 74.7% of RE compared with 71.6%
 "Centre's April-January fiscal deficit touches 58.9% of full-year target")
Ukraine crisis: Commodity prices to impact FY23 fertiliser subsidy targets
The Reserve Bank of India projects the retail inflation rate to average 4.5 per cent in FY23
 "Ukraine crisis: Commodity prices to impact FY23 fertiliser subsidy targets")
Budget 2022: Some musings
The worrisome issue of fiscal consolidation remains a major concern
 "Budget 2022: Some musings")
Union Budget 2022: How the India's social sector gets short shrift
Government allocations on health and education do not meet its targets and consistently fall short in terms of actual spending
 "Union Budget 2022: How the India's social sector gets short shrift")
Finance Ministry's real FY23 GDP forecast lower than in Economic Survey
The last time India's real GDP was at 8 per cent-plus was in 2015-16 (8 per cent) and 2016-17 (8.3%)
