Indian Merchants’ Chamber Discussion on Amendments proposed in Finance Bill 2013 21 March 2013.

Slides:

Advertisements

Similar presentations

Fiscal Policy to Fine-Tune the Economy

Advertisements

Measuring National Output and National Income

CONGRESSIONAL BUDGET OFFICE Total Revenues and Outlays Percentage of GDP Revenues: Funds collected from the public that come from a variety of sources,

South Africa: National Budget 2011/2012 Kevin Lings Economist 23 February 2010.

Union Budget, 2014 Indian Merchants’ Chamber C H Bhabha Memorial Endowment Public Meeting July 11, 2014 Presented by Ketan Dalal.

Australian American Chamber of Commerce Energy Conference Australian Oil & Gas Fiscal Regime Michael Anderson, Ernst & Young LLP 30 January 2014 – Houston.

Nikhil V Mehta Gray’s Inn Tax Chambers 7 th March

BUDGET: A TECHNICAL INTRODUCTION. ANNUAL FINANCIAL STATEMENT: the core budget document, shows estimated receipts and disbursements by the Government of.

February 2013Budget PLUS 2013Page 1 Budget PLUS 2013 Key features of India’s Union Budget

The Budget and the Macroeconomy Suman Bery March 7, 2007 India Habitat Centre.

Macroeconomic Policies Dr. George Norton Agricultural and Applied Economics Virginia Tech Copyright 2009 AAEC 3204.

1 Chapter 2:The Measurement and Structure of the Canadian Economy National Income Accounts – An accounting framework to measure current economic activity.

European Commission Taxation and Customs Union 2011 edition of the ‘Taxation Trends’ report Marco Fantini Head of Section « Quantitative analysis of taxation.

Chapter 2 The Measurement and Structure of the Canadian Economy Economics 282 University of Alberta.

Marek Jakoby Advisor to the State Secretary Ministry of Finance of the Slovak Republic Vienna February 24, 2005 STRATEGY AND IMPLEMENTATION OF THE FUNDAMENTAL.

BUSINESS AND MANAGEMENT MODULE 1 BUSINESS ORGANIZATIONS & ENVIRONMENT.

Demand-Side Policy: Greater Spending Means Higher Prices

July 8, 2011 By A.V. Vedpuriswar. The Budget Lingo : Revenue budget Revenue budget deals with items of a non capital nature. Revenue receipts are divided.

Indian taxation system

Introduction : Before 1991, economic development of the country was due to the public sector. But it is realized that public sector was insufficient due.

1 Task Force on Review of Public Finances. 2 Introduction Alert sign for Hong Kong fiscal system Hong Kong fiscal system undergoing structural changes.

Changing Trends in Tax & Non-Tax Revenue in India

Union Budget B Sai Kumar Swamy Triumphant Institute of Management Education P Ltd.

Taxation Unit 4 – Lesson 3.

Report on Work of the Ministry of Finance in the First 100 Days of the Government Belgrade, September 5, 2007.

Chapter 2 The Measurement and Structure of the Canadian Economy Copyright © 2012 Pearson Education Inc.

THE MEASUREMENT AND STRUCTURE OF THE CANADIAN ECONOMY

Recent and Upcoming Fiscal Reforms: Sri Lanka Dushni Weerakoon Institute of Policy Studies of Sri Lanka.

1 August 2009 Budget 2012 Impact on Real Estate & Infrastructure.

CEAT Investors Presentation First Quarter, FY

Fiscal Policy. Influencing the level of economic activity though manipulation of government income and expenditure Associated with Keynesian Demand Management.

Inflation Lesson Two A Reflection – Inflation Lesson One Understand Savings and Investment, Interest Rates and Economic Activity, Fiscal Policy, and Net.

Fiscal Policy. Fiscal Policy-Meaning The word fisc means ‘state treasury’ and fiscal policy refers to policy concerning the use of ‘state treasury’ or.

Fiscal policy 1. Meaning  Fisc means State Treasury  Fiscal policy may be defined as that part of governmental economic policy which deals with taxation,

Forecasting Statutory Allocation. What is Statutory Allocation Statutory Allocation (including Net Derivation) represents a significant.

What is the Public Sector?

Concepts of Fiscal policy. 2 of 38 Fiscal policy Fiscal policy refers to the policy of the government regarding Taxation (Revenue collection through taxes)

Direct Tax Proposals in Union Budget 2013 & Rotary Foundation Grants.

Copyright © 2007 South-Western. All rights reserved. Chapter 3 Assessing Economic Conditions.

Republic of Serbia Draft 2007 Budget Law June

Topic 8: Taxes, regulation, and government intervention.

CEAT Investors Presentation.  Economic Environment  Industry Scenario  Financial Performance and Update  Product and Market Mix  Production Details.

Macroeconomics -1 Jamshed uz Zaman Ref: Dornbusch and Fischer Macroeconomics 6 th Edition.

AQA Chapter 13: AS & AS Aggregate Demand. Understanding Aggregate Demand (AD) Aggregate Demand (AD) = –Total level of planned real expenditure on UK produced.

Angola: Perspectives on the Financial Crisis

The Union Budget Context and Impact Presentation at Delhi School of Economics July 30, 2004.

Budget : Tax Proposals M. Govinda Rao National Institute of Public Finance and Policy.

L&T-MHI Turbine Generators Pvt. Ltd Union Budget Highlights CA Manish Sodani 21 st March 2012.

BUDGET EXPECTATIONS OF STOCK MARKET  Share markets are likely to remain volatile ahead of Budget, in the views of market experts.  The.

BY JERRY CHRISTO. SUBSIDY  Subsidies are unrecovered costs of public provision of non-public goods and services financed by the budget.  Subsidies,

Join the Future now Pre Budget Poll Survey Results: 2016 February 2016 © ENINCON LLP 2016.

Prepared by Apostolos Serletis

GST and its effects on industries like Manufacturing, Goods Transportation Services etc.

NATIONAL BUDGET.

Goods & Service Tax Considered the biggest policy reform in the country since Independence Amalgamating several Central and State taxes into a single tax.

Impact of Budget on Individual taxpayers

Taking the Nation’s Economic Pulse

P.G.DEPARTMENT OF PUBLIC ADMINISTRATION

Krishi Kalyan Cess and Other Taxes

We are dependable and trustworthy knowledge processing partner

NMIMS University Mumbai Part-time MBA - Finance

3.4 Managing the Economy Fiscal Policy

Chapter 7 Sect 3 Mr. Plude.

Atul Joshi, Managing Director & CEO Thursday, November 15, 2018

Impact of Budget on Economy

13 FISCAL POLICY Government Spending and Tax Policy Part 1.

Chapter Eleven: Taxes and Tax Policy.

Revenue projections for the City of Philadelphia’s FY20-24 Five Year Plan Anna Adams Budget Director February 12, 2019.

2005 MTBPS 25 October 2005 Introduction Macroeconomic overview

Macroeconomics - Barro Chapter 13

Presentation transcript:

Indian Merchants’ Chamber Discussion on Amendments proposed in Finance Bill March 2013

The number game

Budget 2013–2014— Thought sharing by EYPage 3 Macro assumptions ► GDP Growth at 6.1% - 6.7% ► Nominal GDP Growth at 13.4% ► Assumed inflation rate at 7% if real GDP growth is about 6.4%

Budget 2013–2014— Thought sharing by EYPage 4 Non Plan Expenditure / Subsidies Expenditure (1) BE (2) RE (3) BE (4) % change in (4) over (3) Non Plan Plan TOTAL Major Subsidies(2) RE (3) BE (4) % change in (4) over (3) Food Fertilisers Petroleum (33.0) TOTAL (10.8) Rs crores

Budget 2013–2014— Thought sharing by EYPage 5 Revenue RE BE % change Gross Tax Revenue % Non tax Revenue % Total Revenue Receipts % Corporate Tax % Surcharge % Education Cess % Taxes on income % Surcharge Education Cess % Customs % Excise % Service Tax % Rs crores

Budget 2013–2014— Thought sharing by EYPage 6 Implied tax buoyancies # Type of tax FY14 Tax buoyancy (% change in tax revenue/ % change in GDP at market prices) 1 Gross Tax Revenue Corporation Tax T axes on Income other than Corporation Tax Customs Union Excise duties Service Tax2.67  Overall expenditure increase of 16.4% is being financed by assuming a nominal growth of 13.4% and a buoyancy of nearly 1.5 in gross tax revenues. This seems unrealistic.  This buoyancy was 0.93 in FY12 and 1.3 with respect to RE in FY13.

Reaction to the Budget: EY – ET Budget Poll

Budget 2013–2014— Thought sharing by EYPage 8 EY – ET Budget Poll Majority of the respondents agreed that: ► More was expected from the Budget in terms of ► Clear road map on GST ► Clarification on indirect transfer ► Guidelines on step taken to implement the Shome committee reports on GAAR and Indirect transfer ► 60% of the respondents felt that foreign investors had no cause for cheer with the Budget provisions ► On the policy front, the Budget lacked incentives to attract foreign investments which could impact growth ► While the FM has kept the indirect tax rates steady and sought to regularize the property market, increase in surcharge rates and ambiguity on TRC have not gone down well.