Breaking News

You are here » Indian-Commodity  :  Economy  :  Govt to meet fiscal deficit target of 3.3% in FY19 despite GST rate cut: Jaitley

24-Dec2018

Govt to meet fiscal deficit target of 3.3% in FY19 despite GST rate cut: Jaitley

Finance minister Arun Jaitley has expressed that the government is confident of meeting the fiscal deficit target of 3.3% of GDP for the current financial year (FY19) despite revenue loss on account of reduction in Goods and Services Tax (GST) rates.

The GST Council in its 31st meeting has decided to cut rates on 23 commonly used goods and services, which will lead to an annual revenue loss of Rs 5,500 crore. The GST Council cut tax rates on 17 goods and 6 services, ranging from cinema tickets, televisions, digital cameras and Jan Dhan accounts to frozen vegetables. The reduced rates will come into effect from January 1, 2019

Besides, during the first seven months of FY19 (April-October), the fiscal deficit period stood at 103.9 per cent of budget estimates. The government has budgeted to contain fiscal deficit at 3.3 % of the GDP in Fy19, lower than 3.5 % in the previous financial year (FY18).


Related News

View all news

CPI inflation hits 6-month high of 2.92% in April

India's retail inflation based on Consumer Price Index (CPI) continued northward journey for third straight month and inched up to a 6-month high of 2.92% in April 2019 due to a spike in food prices, including......

Indian economy to grow at 7% range in current fiscal: Subramanian

Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian has said  that the Indian economy would grow at 7% range in the current financial year (FY20) powered by the effects of the strong structural......

Banks take 57% haircut in 94 cases resolved in FY19: ASSOCHAM-CRISIL study

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and rating agency CRISIL stated that banks have taken a huge 57% haircut in the 94......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......