Page 3 - Tax Revenues

Fiscal deficit of states to hit peak of Rs 8.7 trn as tax collections slide

The Covid pandemic-induced lockdown and consequent slump in economic activity will hit tax collections of states, Crisil said

No abrupt fiscal correction must be attempted in 2021-22: TN to Sitharaman

Wants borrowing limit of states to be raised to 5%, extension of period under tax loss carry forward, among other things

Budget 2021: Gross tax revenues likely to get back on track in FY22

Gross tax revenues may be projected at around Rs 23.65 trn in the Budget, back-of-the-envelope calculations suggest

Beyond Budget Headlines: Health & education deserve more outlay, attention

Centre's debt touches 56.2% of GDP in first half of FY21, shows data

Outstanding debt was Rs 107.04 trn, 13.12% more than Rs 94.62 trn at FY20-end

Shift from rates to managing the emerging Quadrilemma

A large autonomous driver of liquidity has been RBI intervention in the foreign exchange markets.

Fiscal deficit touches 120% of full-year target as revenues plummet

Experts estimate full year's fiscal deficit between 7 per cent and 9 per cent of GDP against 3.5 per cent estimated earlier by the government

FinMin asks ministries to limit spending as per revised targets amid Covid

The Budget meetings for fixing Revised Estimates for 2020-21 and Budget Estimates (BE) for 2021-22 were held between October 16 and November 12

Finance Secy, CBIC head discuss measures to check GST evasion, revenue leak

The meeting discussed the need for coordinated action to check revenue leakage

World Bank to advise DIPAM on monetising non-core assets, enemy property

DIPAM is mandated with facilitating monetisation of non-core assets of the public sector units under strategic disinvestment or closure, and enemy property of Rs 100 crore and above

Amid grim fiscal outlook, this 'act of god' could salvage Sitharaman's Budget

If the Finance Commission recommends a smaller tax share for states, the Centre will get more money. On what that would do to 'cooperative federalism', you don't need to guess, writes T N Ninan

Despite Covid-19, Andhra sees Rs 4,000 cr spike in tax revenue: Data

The state also received Rs 10,554.21 crore as grants-in- aid and other contributions from the Central government till July as against just Rs 5,164 crore in the corresponding period last year

RBI's payout unlikely to plug the huge govt revenue hole created by Covid

Last year the RBI's board approved a record payment of Rs 1.76 trillion ($23.5 billion) to the government, which included Rs 1.23 trillion as dividend and Rs 526.4 billion from its surplus capital

Once bitten, twice shy: Why states doubt centre will share taxes fairly

States are understandably wary even after getting half the Centre's gross tax revenue in the first quarter of 2020-21

Decline in tax revenue collection narrows to 37% in May as economy picks up

Gross tax revenue in May stood at Rs 58,533 crore, against Rs 93,389 crore in the same month last year, revealed the data by the Controller General of Accounts on Tuesday.

Govt eyes higher RBI surplus this year as Covid-19 decimates tax revenues

Data available on the RBI's website shows that, as of April 1-June 21, the RBI has purchased more than Rs 1.3 trillion in government bonds

Why Centre is left with little fiscal cushion to deal with Covid pandemic

When emerging from this crisis, the govt must consider a fresh approach to reviving growth, revisiting the Centre-state fiscal balance, and devising a re-imagined GST 2.0, writes T N Ninan

Corporate revenues drop over 25% during Covid-19 lockdown: Survey

Survey also shows that business will return to normal only by 2021, while 22 per cent business leaders expect it to take more than a year, from when the lockdown ends

Pakistan's fiscal deficit to surge, tax revenue to miss target in 2020: FM

Fear of an economic meltdown is said to be the main reason behind ending the shutdown at a time when the country's curve, or rate of infections, is edging up sharply

With steep hike in excise duty on fuel, govt to rake in Rs 1-1.6 trn

The fuel consumption is estimated to decline 10-20 per cent during fiscal year 2020-21