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Budget 2015 Full Year Tax Collections Likely to Fall Short of Estimates

first_imgDirect tax collections during April to November 2014 grew 5.67% to ₹3.29 lakh crore over the same period a year ago. ReutersIndirect tax collection stood at ₹3.28 lakh crore for the April to November 2014, up 7.1% compared to the same period a year ago.Cumulative tax collection stood at ₹6.58 lakh crore for the April to November 2014 period.For fiscal 2015, the government’s budgeted revenues are₹13.6 lakh crore, mandating direct taxes to grow by 16% to ₹7.36 lakh crore and indirect taxes by 20% to ₹6.24 lakh crore, reports Livemint.Tax collection for the year has continued to remain tepid, with the Ministry of Finance asking the tax department to step up tax collections in the remaining three months of the fiscal.At the current rate, the government is unlikely to meet its fiscal deficit target of 4.1% of the GDP.Tax mobilization is a reliable indicator of economic growth in GDP terms, and factors affecting it.last_img read more

EC to not compromise with any force CEC Huda

first_imgChief election commissioner KM Nurul Huda inaugurates EC’s voters’ roll update campaign at a programme in Mymensingh on Tuesday. Photo: Kamran ParvezThe election commission will not compromise with any force or party, chief election commissioner KM Nurul Huda has said, expressing resolve that it will only follow the law.“I can firmly say that all the next elections will be held in a democratic manner in the light of the laws and the rules whatever we have. [We] will make no compromise with any force,” Nurul Huda said at a programme in Mymensingh on Tuesday.The election commission (EC) organised the programme marking the inauguration of the EC’s voters’ roll update campaign across the country ahead of the next general elections.Other election commissioners – Mahbub Talukder, Md Rafiqul Islam, Kabita Khanam and Shahadat Hossain Chowdhury – and government officials attended the programme chaired by the EC’s additional secretary Md Mokhlesur Rahman.CEC Huda said he and his team took office with an oath for establishing democracy in the country.“Election is the foundation of democracy and a flawless voters’ list is the prerequisite for fair polls. We want to carry out that job properly,” said Nurul Huda.Election commissioner Mahbub Talukder said, “Money power and muscle power often exert influence on the election. We want these dual powers to not influence the election.”He said cooperation of all political parties as well as of the government is required in order to ensure level-playing field in the run up to the next general elections.last_img read more