Page 4 - Latest Updates on Budget estimates
Best of BS Opinion: Conservative budgeting, financialising economy & more
Here is the best of Business Standard's opinion pieces for today
 "Best of BS Opinion: Conservative budgeting, financialising economy & more")
Conservative budgeting
Fiscal space should be used carefully
 "Conservative budgeting")
PM Modi to hold pre-Budget meeting with economists, sectoral experts
Finance minister Nirmala Sitharaman will present the 2023-24 Budget in Parliament on February 1, 2023
 "PM Modi to hold pre-Budget meeting with economists, sectoral experts")
India can't afford yet more disruptions to supply chains: Ficci President
'What is most unfortunate is that countries are looking to finance their transition to a green economy by taxing others'
 "India can't afford yet more disruptions to supply chains: Ficci President")
Enhance budget for PLI scheme and widen its coverage: Assocham
The government's PLI scheme, introduced in 2021, had an outlay of around Rs 2 trillion for 13 sectors
 "Enhance budget for PLI scheme and widen its coverage: Assocham")
CBDT seeks detailed report on the top 15 taxpayers in each region
Directive issued for maximising revenue collection and monitoring advance tax mop up
 "CBDT seeks detailed report on the top 15 taxpayers in each region")
On track to meet FY23 fiscal deficit target, inflation within RBI band: FM
'We'll bring inflation down further for the sake of common people', said FM Nirmala Sitharaman
 "On track to meet FY23 fiscal deficit target, inflation within RBI band: FM")
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 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
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")
