Narendra Modi's Washington test

Narendra Modi's Washington test

If Modi gets the world’s biggest power right, his pursuit of larger global goals...
Small banks or banks for ‘small’ people?

Small banks or banks for ‘small’ people?

Unless appropriate sub-limits are imposed on loans, there is a serious...

Taxman mops up Rs 45,000 crore of direct taxes in one week

Apr 01 2014, 01:48 IST
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The revised estimate (RE) of Rs 6.4 lakh crore for direct tax receipts seemed within touching distance. Reuters The revised estimate (RE) of Rs 6.4 lakh crore for direct tax receipts seemed within touching distance. Reuters
SummaryRs 10,000-12,000 crore shortfall seen in indirect tax collections.

and abuse duty credit facilities. New rules expose tax evaders to the threat of losing Cenvat credit facility and the monthly payment option.

On disinvestment, what has been achieved was way below the budget estimate, but the actuals exceeded the revised target. After the partial SUUTI stake sale in Axis Bank and floating the CPSE ETF, proceeds from disinvestment crossed revised estimates by about Rs 3,800 crore at Rs 22,856 crore as on March 21. The budget estimate for disinvestment was Rs 54,000 crore and revised estimate, Rs 19,027 crore.

As part of spending cuts, the government deferred payment of Rs 40,000 crore of food subsidy and Rs 38,000 crore of fertilizer subsidy to the next fiscal. Upto February end, non-plan spending was limited tightly at Rs 9.9 lakh crore or 88.9% of revised estimate, while plan spending was curtailed at Rs 4 lakh crore or 86% of the revised estimate.

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