Wednesday, 8 February 2017

3.2% fiscal deficit target realistic; revenues to improve

Ripples Advisory Private Limited, Indore @9303093093

Rejecting arguments that fiscal deficit target of 3.2 per cent is optimistic, Economic Affairs Secretary Shaktikanta Das said it is realistic and there is all possibility that revenues will exceed the target as Budget has not taken into account the demonetisation windfall. "Revenue if at all can exceed because people are pointing out that you have not taken into account windfall you will get from RBI because of demonetisation," he told. 

Besides, he said, there would be collection taxes next fiscal from those who fail to avail Pradhan Mantri Garib Kalyan Yojana (PMGKY). "Excess cash which has come into the banking system, Income Tax department has already analysed those data and there are large number of bank accounts where deposits made are totally disproportionate to the income of the individuals. It does not tally with their income tax returns. "So it is far in excess of what income tax returns reflect for the previous years.

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