Government Achieves Fiscal Targets for FY 2015-16



Government Achieves Fiscal Targets for FY 2015-16
• As per initial estimates, the fiscal deficit for 2015-16 is expected to be within 3.9 percent.

• Receipts of Tax Revenues are also on track and the 2015-16 RE targets are expected to be fully met when the bank scrolls are fully accounted for.

• The disinvestment target of Rs. 25,000 crore vide 2015-16 RE has also been achieved.

• Plan Expenditure for 2015-16 is expected to be around Rs. 4,70,000 crore. This is higher than the Plan BE of 2015-16 and also higher the actual plan expenditure in 2014-15.

• Government remains committed to the path of fiscal consolidation. 

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Highlights of Union Finance Minister’s Visit to Melbourne today
Union Minister of Finance Shri Arun Jaitley arrived today morning in Melbourne with the high powered finance and business delegation. He had a busy day in the city which started with a one-on-one meeting with Hon’ble Peter Costello AC, former Treasurer and Chairman of Future Fund Australia followed by a Roundtable meeting ‘Invest in India’, which was co-chaired by Shri Jaitley and Ms. Kelly O’ Dwyer, Assistant Treasurer and Minister for Small Businesses from the Australian side. The meeting was attended by the Sovereign Fund and top Super Funds of Australia such as Australia Post Super Scheme, Construction & Building Industry Super, Emergency Services & State Super, Energy Industries Superannuation Scheme etc. The Indian business delegation was headed by Shri Harshavardhan Neotia, President of FICCI. Over 25 Funds and Australian investment agencies participated in the Roundtable.

In his keynote address Shri Jaitley covered the broad investments spectrum of India and also focused on how and why India is definitely an attractive destination to put in money. He gave specific sector-wise details of investment friendly reforms of the Government of India. The participation was engaging and interesting followed by working lunch.

A Memorandum of Understanding (MoU) was also signed between FICCI and Australia-India Business Council.

The second session of Roundtable was in-depth project presentations by IL & FS, NHAI, Adani and Great Pacific Capital.

The Finance Minster, Shri Jaitley had one-on-one meeting with Hon’ble Josh Frydenberg MP, Minister for Resources, Energy and Northern Australia at the Treasury in the afternoon. They had useful bilateral discussion. Then Minister Jaitley visited the University of Melbourne where he participated in a Townhall style panel discussion with Prof. Craig Jeffrey, Director Australia-India Institute, on Indian economy, inclusive growth and democratic framework of India. This event was attended by more than 500 people including senior most members of academia, former Premier of Victoria, members of main stream media, businessmen and members of Indian community.On replying to general queries he said that there is no chance of reservation being discontinued in near future.He further said that Government is committed to encourage entrepreneurship and accordingly Mudra programme was launched last year to provide credit at reasonable rate to micro, small &medium entrepreneurs.

In the evening, the Finance Minister and his delegation was hosted by Hon’ble Tim Pallas, Victorian Treasurer and Minister Phil Dalidakis, Minister of Trade, Small Businesses and Renovation in the Government of Victoria. 

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Gold Monetisation Scheme Liberalized to make it more attractive for potential depositors.
Government had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of modifications have been made in the scheme to facilitate monetization of gold by people. The scheme has been further modified on 31st March, 2016.

Now, for the gold deposited under Medium and Long Term Government Deposits (MLTGD), the redemption of principal at maturity shall, at the option of the depositor, be either in Indian Rupee equivalent of the value of deposited gold at the time of redemption or in gold. Where the redemption of the deposit is in gold, an administrative charge at a rate of 0.2% of the notional redemption amount in terms of INR shall be collected from the depositor. However, the interest accrued on MLTGD shall be calculated with reference to the value of gold in terms of Indian Rupees at the time of deposit and will be paid only in cash.

It is expected that the above modification will make the scheme more attractive for potential depositors. 

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Finance Minister Shri Arun Jaitley:There are big opportunities for Foreign Investors to invest in India in view of its big market and high growth potential
Union Finance Minister Shri Arun Jaitley said that there are big opportunities for foreign investors to invest in India in view of its big market, high growth potential especially in the manufacturing sector. Government has setup National Investment Infrastructure Fund (NIIF) for encouraging foreign investment in India in Infrastructure Sector in particular. Renewable Energy is a sector where there is a big scope for foreign investment and Government is keen to promote. He was delivering the Key note address at the 'Invest in India' Roundtable Session with leaders of Australian Superannuation funds in Melbourne today.
Finance Minister   further said that the Government has opened various sectors for FDI including Railways & Defence etc. He mentioned that Government has taken major steps for removing discretions in decision making process ensuring a transparent, predictable regime and  for quick dispute resolution as well. Inviting Future Fund, Australia's Sovereign Wealth Fund (SWF), and others to invest in India he said that Government is committed to address various investor issues including taxation.

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The Finance Minister Shri Jaitley further mentioned that, India will continue on the current path of growth for a couple of decades more, bringing benefits of liberalisation to its people and eliminating the curse of poverty. He said that 7.5 per cent  growth rate can be improved and Government is concentrating on several areas specially the  rural India.
The meeting was attended by Australian Minister for Small Businesses and Assistant Treasurer Kelly O'Dwyer, Chairman of Future Fund Peter Costello and Indian High Commissioner Navdeep Suri. and  Indian delegation led by FICCI.
 

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Request to Taxpayers to Avail Facility for Online Rectification
            Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act. The e-filing portal of the Income Tax Department provides the utility for online filing and tracking of rectification requests. Taxpayers who are not satisfied with the outcome of processing of their Income Tax Return by the Centralized Processing Centre, Bengaluru can avail of the facility of online filing and tracking of rectification requests available on https://incometaxindiaefiling.gov.in.

            In case of any mistake in data entry of Tax payment or TDS details, taxpayer can select the “Rectification Request Type->Taxpayer is correcting data for Tax Credit mismatch only” and the use the option of pre-filling the correct details for the relevant Assessment Year while submitting the rectification request.

            In case of data entry mistake in any other Schedule or omission of any details, taxpayer can select the option “Taxpayer is correcting Data in Rectification” and the reason for seeking rectification.

            In any other case taxpayer can select the option “No further Data Correction Required, Reprocess the case” where the mistake in processing may have occurred due to non-reporting of TDS by deductor etc.

            A detailed user manual for filing online rectification is available at: http://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Rectifcation_Manual.pdf?0.08833787460862363.

            With this utility a taxpayer can also the monitor the status of disposal of rectification request.

            CPC, Bengaluru has already processed 6,53,763 online rectification requests in F.Y.2015-16 till 29th February 2016. CBDT is committed to ensuring accuracy in processing of returns and determination of refunds and seeks the active cooperation of taxpayers in ensuring correctness of data while submitting the return or rectification request. 

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