Skip to main content

GST Collections may Help Beat Deficit Target: Goyal

By
GST Collections may Help Beat Deficit Target: Goyal
India is likely to improve upon the fiscal deficit target this fiscal year thanks to rising goods and services tax (GST) collections, finance minister Piyush Goyal said. “There is a perception that the fiscal deficit will not be met, but I feel that we will actually do better than our budgeted fiscal deficit,” Goyal told reporters in the capital on Monday. The fiscal deficit target was revised in the February budget to 3.3% for FY19 against the 3% that it had been pegged at previously.
The government has already run up 55% of the budgeted fiscal deficit in the first two months of the financial year, raising worries in some quarters about a breach. The fiscal deficit stood at Rs.3.45 lakh crore in April-May. In the year-ago period, this was at 68.3% of the budget estimate as the government frontloaded spending. Goyal’s optimism stems from improved GST collections. He expects them to cross Rs 13 lakh crore on the back of the successful e-way bill implementation. GST collections stood at Rs.95,610 crore in June, having touched a record Rs.1.03 lakh crore in April, followed by Rs.94,016 crore in May.
“By the time the year ends, GST revenues would cross Rs.13 lakh crore,” Goyal said. “We have not yet got the full benefits of e-way bills. I feel there will be more improvement in revenues and some relief in taxes can be given.”
The Economic Times, 03rd July 2018, New Delhi

Comments

Post a Comment

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

By
  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...
Post a Comment
Read more

GST collection for November rises by 8.5% to Rs.1.82 trillion

By
  New Delhi: Driven by festive demand, the Goods and Services Tax (GST) collections for the Union and state governments climbed to Rs.1.82 trillion in November, marking an 8.5% year-on-year growth, according to official data released on Sunday. Sequentially, however, the latest collection figures are lower than the Rs.1.87 trillion reported in October, which was the second highest reported so far since the new indirect tax regime was introduced in 2017. The highest-ever GST collection of Rs.2.1 trillion was reported in April. The consumption tax figures highlight the positive impact of the recent festive season on goods purchases, providing a much-needed boost the industry had been anticipating. The uptick in GST collections driven by festive demand had been anticipated by policymakers, who remain optimistic about sustained growth in rural consumption and an improvement in urban demand. The Ministry of Finance, in its latest monthly economic review released last week, stated that I...
Post a Comment
Read more