SME Times is powered by   
Search News
Just in:   • Distressed Jaypee home buyers seek government's intervention  • CII suggests creation of National Employment Board  • From merger, govt now looks to de-merge 3 PSU insurers then look for strategic sale  • April fiscal deficit at 0.75% of GDP  • Trump delays 10-city raids on illegal immigrants 
Last updated: 25 Mar, 2019  

Rupee.9.Thmb.jpg 'Revised fiscal deficit target due to cut in non-essential expenditure'

   Top Stories
» April fiscal deficit at 0.75% of GDP
» Manufacturing outlook moderates in Q1: FICCI survey
» Printing of Budget commences with Halwa Ceremony
» NSIC signs MoU on eGovernance services benefitting MSMEs
» DPIIT to work with industry for exports promotion: Goyal
SME Times News Bureau | 25 Mar, 2019

The government will stick to the revised fiscal deficit target even by lowering 'non-essential' expenditures if required, a news agency report said, quoting sources.

"The fiscal deficit target of 3.4 per cent of GDP will be met... Any additional outgo on account of subsidies, be it food, oil or fertiliser and extra payout, will be met through budgetary resources and there may be some pushover to the next fiscal but these are not major," the sources said.

For the fiscal, the disinvestment proceeds exceeded the target at Rs 85,000 crore with successful completion of IPOs, share buybacks, offer for sale as well as ETFs. The final tax figures, both direct and indirect, are yet to come.

The government may just meet the revised fiscal deficit target set at 3.4 per cent of the gross domestic product (GDP) for the current financial year (FY2018-19), they said.

"There may be a shortfall of about Rs 40,000 crore in indirect tax collections, mainly on account of GST, while direct tax collection may also fall short by around Rs 70,000 crore," a source said.

The government's mop-up target for direct tax collection during the current fiscal as per the revised estimate is pegged at Rs 12 lakh crore. On the other hand, the indirect tax collection target for the current fiscal was revised to Rs 11.47 lakh crore from Rs 13.71 lakh crore budgeted initially.

"Fiscal deficit target would be met as a shortfall in indirect tax collection would be compensated by lower government expenditure," said Finance Secretary Subhash Chandra Garg, who is also the Secretary of Department of Economic Affairs.

The budgeted fiscal deficit target was 3.3 per cent of GDP at the beginning of 2018-19 and was later revised to 3.4 per cent of GDP while preparing the interim budget, mainly because of an expectation of higher payout on basis of the direct income scheme for farmers.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 24 Jun, 2019
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Can't say
  Commented Stories
» MSMEs can now register delayed payment grievances online(2)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter