Tax Kitty To Be Rs 8000 Crore Short Of Estimates In FY 10 (26-Feb-2010)
The stimulus measures and the slow economic growth in the early part of this financial year led to the sharp fall in the government''s tax revenues with the exchequer falling short of by around Rs 8,000 crore of the Budget estimates.
According to the Budget presented by Finance Minister Pranab Mukherjee in Parliament today, while the estimates by the government to collect Rs 6.41 lakh crore this financial year, the revised estimates pegged it at Rs 6.33 lakh crore.
However, following the government partially rolling back the stimulus measures provided during the slowdown, the total tax receipts are estimated to grow by 16.46 per cent at Rs 7.46 lakh crore next financial year.
However, the collection of personal income tax surged more than what was estimated earlier, but it would be smaller for the next financial year as the government has altered the slabs steeply.
Meanwhile, the collection of personal income tax are likely to fetch 10.75 per cent more at Rs 1.24 lakh crore to the government this fiscal over Budget estimates of Rs 1.12 lakh crore.
However the collections for the next financial year will be lower by 6.83 per cent at Rs 1.20 lakh crore, over what is likely to be received this fiscal.
The corporations tax dipped by 0.64 per cent at Rs 2.55 lakh crore in the revised estimates for this financial year as compared to Rs 2.56 crore in the Budget estimates.
However, it will increase by more than 17 per cent to Rs 3.01 lakh crore as the government has enhanced the minimum alternate tax to 18 per cent from 15 per cent on book profits of the companies that do not fall under tax net due to exemptions.
The finance minister, while presenting the budget, said that the Gross Tax Receipts for 2010-11 are estimated at Rs.7,46,651 crore. The Non Tax Revenue Receipts are estimated at Rs.1,48,118 crore. The net tax revenue to the Centre as well as the expenditure provisions in 2010-11 have been estimated with reference to the recommendations of the Thirteenth Finance Commission.
The total expenditure proposed in the Budget Estimates for 2010-11 is Rs.11,08,749 crore, which is an increase of 8.6 per cent over the total expenditure in BE 2009-10. The Plan and Non Plan expenditures in BE 2010-11 are estimated at Rs.3,73,092 crore and Rs.7,35,657 crore, respectively. While there is a 15 per cent increase in Plan expenditure, the increase in Non Plan expenditure is only 6 per cent over the BE of previous year. With this level of Plan expenditure, I am confident that the total Plan expenditure would be very close to 100 per cent of the expenditure envisaged in the Eleventh Five Year Plan.
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