Budget Estimates

While Goa and Delhi are among the few states that exceed the national average, with Goa meeting the 8 per cent target, others like Uttar Pradesh and Bihar allocate less than 6 per cent to healthcare

The Centre's fiscal deficit at the end of the first seven months of financial year 2024-25 touched 46.5 per cent of the full-year target, government data showed on Friday. In absolute terms, the fiscal deficit -- the gap between government's expenditure and revenue -- was at Rs 7,50,824 crore during April-October period, according to data released by the Controller General of Accounts (CGA). The deficit stood at 45 per cent of the Budget Estimates (BE) in the corresponding period of 2023-24. In the Union Budget, the government projected to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current 2024-25 financial year. The deficit was 5.6 per cent of the GDP in 2023-24. In absolute terms, the government aims to contain the fiscal deficit at Rs 16,13,312 crore during the current fiscal. The revenue-expenditure data of the Union government for the first seven months of 2024-25 showed that the net tax revenue was about Rs 13 lakh crore or 50.5 per

Shift to new tax regime, steady rates affect collections

Total financial provision 27 per cent lower than FY25 Budget Estimates

The Union Budget for fiscal 2024-25 (FY25) will be presented on July 23, 2024

India's net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin, the tax department said on Sunday. Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore. While gross direct tax collections (provisional) for the FY 2023-24 rose 18.48 per cent to Rs 23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7 per cent to Rs 19.58 lakh crore, reflecting buoyancy in the economy and rise in income levels of individuals and corporates. Refunds aggregating to Rs 3.79 lakh crore have been issued in FY 2023-24, the CBDT said in a statement. "The provisional figures of Direct Tax collections for the financial year (FY) 2023-24 show that net collections are at Rs 19.58 lakh crore, ...

The report suggests grants from Centre to states have been falling due to no GST compensation funds and lower finance commission grants

The final report of the 15th Finance Commission had recommended the transfer of 41 per cent to the states after Jammu and Kashmir was carved out into two union territories

The finance minister announced that long-term interest-free loans will be provided to states for financing the development of iconic tourist centres

Simplifying taxes would help businesses navigating turbulent times, writes Ketan Dalal

Recent bond auctions saw bids that surpassed expectations, said Alok Singh, group treasury head at CSB Bank

Punjab had over 40% debt as a proportion of GSDP in 2019-20 too, while Himachal Pradesh had 39.1%

With a bit less than four and a half months still remaining for the financial year to end, the projection for direct tax mop-up would be easily exceeded

Without the expenditure rationalisation, the Revised Estimates (RE) for the Centre's total spending would have been about Rs 43.4 trillion instead of Rs 41.9 trillion

Critics say fund cut will lead to delay in payments, suppression of demand

Budget 2023: This budget may galvanize an effective AI ecosystem necessary to nurture buoyancy in GST revenues and improve taxpayer morale and trust in the system

In the ten years between 2012-13 and 2021-22, the government has been able to meet its Budget Estimate (BE) only four times

The finance ministry issued refunds amounting to Rs 2.4 trillion till January 10

Here is the best of Business Standard's opinion pieces for today

Fiscal space should be used carefully