Jaitley echoes Chidambaram on cut-backs

Announcing a series of austerity measure, Union Finance Minister Arun Jaitley has reiterated his predecessor’s policy of not allowing a ministry to spend more than one-third of its Budget allocations in the last three months of the financial year along with the stipulation that during the month of March expenditure be limited to 15 per cent of the Budget allocation. These ceilings are aimed at improved planning of Government expenditure.

On Thursday at a budget targets review meeting of senior Income Tax officials, Mr. Jaitley said he expected that the rise in the prospects of the economy was likely to enable the revenue department to achieve its tax collection targets.

During the first six months of the current fiscal, indirect tax collections grew 5.8 per cent against the Budget target of 25.8 per cent. Though the gross direct tax collections grew 15 per cent in line with the Budget target, the large outgo on account of refunds depressed the rate of growth of the net collections to 7 per cent.

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Printable version | Oct 22, 2021 6:06:53 AM |

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