7. GOVERNMENT FINANCES
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- Kerry Thornton
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1 7. GOVERNMENT FINANCES 7.1 Introduction There has been a notable decline in total receipts during April-July 2009, coupled with a sizeable increase in expenditure (due to increase in non-plan expenditure). Total expenditure of the government has grown at a faster rate, resulting in widening of the fiscal deficit. 7.2 Deficit Indicators At Rs 1,58,554 crore, fiscal deficit has been higher year-on-year by 36.7%, in stark contrast to a 10.4% decline in the corresponding period of the last year. India's fiscal deficit has already touched 40 % of the full-year estimate in the first four months of FY Table 7.1: Trend in Deficit Indicators (Rs crore) (BE) (P) April-July Y-o-Y Change (%) Total Receipts* Total Expenditure Fiscal Deficit Revenue Deficit Primary Deficit * Include revenue receipts and non-debt capital receipts P provisional estimates, BE budget estimates Source: Controller General of Accounts ( In the period under review, total receipts have declined by 10.15% to Rs 1,06,690 crore, while the total expenditure has climbed by 13% to Rs 2,65,244 crore. The revenue deficit too has expanded by 34.5% to Rs 1,34,778 crore. 7.3 Trends in Receipts During April-July 2009, the total non-debt receipts have posted a 10.1% decline to Rs 1,06,690 crore. This decline is attributed to a decline in revenue receipts (net) to the tune of Rs 86,309 crore or by 14.8%, which rose by a healthy 26.7% in the same period a year ago. In 48
2 the comparable period a year ago, total non-debt receipts soared by 20.4% to Rs 1,18,740 crore. Non-tax revenue has shown an increase of 14.8% to Rs 19,069 crore. Table 7.2: Receipts of the government (Rs in crore) (Rs crore) (BE) (P) April-July Y-o-Y Change (%) Revenue Receipts Tax Revenue (Net) Non Tax Revenue Capital Receipts Non-debt Capital Receipts Recovery of Loans Other Receipts Total Non-Debt Receipts Total Receipts P provisional estimates, BE budget estimates Source: Same as Table Tax Revenue The centre s direct tax collections during the first four months of this fiscal grew by a mere 3.27% to Rs 73,990 crore, up from Rs 71,648 crore in the same period in , in the wake of a higher outgo on refunds which saw an increase of more than 53% as also due to the subdued economic activity. Items (BE) Table 7.3: Tax Revenue (Rs crore) April-July April-July to Full Fiscal Year (Per cent) Y-o-Y Change Corporation Tax Income Tax Customs Excise Service Tax Other Taxes* Gross Tax Revenue Net Tax Revenue * Include Securities Transaction Tax, Banking Cash Transaction Tax, Fringe Benefit Tax, Wealth Tax, etc. Source: Same as Table
3 Decline in indirect tax collections in the four-month period April-July 2009, has pulled down gross tax revenue by 11.2% to Rs 1,35,999 crore from Rs 1,53,131 crore in the corresponding period last year. Customs duty collections have dropped heavily by 34.8% to Rs 24,673 crore consequent to fall in imports, from a 19.3% rise observed in the same period last year. So also, excise duty collections have dropped by 26.7% to Rs 19,722 crore against a modest 4% growth recorded in the same period last year. This is partly due to the reduction in the excise duty by 6% as a part of three stimulus packages announced during December- February to boost the slowing economy. Of all the heads under indirect taxes, service tax collections have showed the lowest decline of 1.5%, which is in sharp contrast to the robust 29.7% growth clocked in the year-ago period. Securities transaction tax (STT) collections got back into positive terrain in July The performance on the direct taxes front has not been all that disappointing, though corporate and income tax collections have shown only modest growth rates. At Rs 44,075 crore, corporate tax collections grew by 4.7% and income tax collections by nearly 6% to Rs 28,548 crore. 7.5 Expenditure A 22.8% expansion in non-plan expenditure, accompanied by a 7.4% fall in plan expenditure has led to a 13% hike in total expenditure aggregating Rs 2,65,244 crore. Non-plan expenditure in the corresponding period last year was lower by 5.7%. Table 7.5: Expenditure of the Government (Rs in crore) April-July Y-o-Y Change (%) (BE) (P) Non-Plan Expenditure On Revenue Account Of which Interest Payments On Capital Account Of which Loans Disbursed Plan Expenditure On Revenue Account On Capital Account Total Expenditure Total Revenue Expenditure Total Capital Expenditure P provisional estimates, BE budget estimates Source: Same as Table
4 7.6 Other Developments August 2009 witnessed the release of the draft Direct Tax Code for public debate as promised in the Budget speech by the Finance Minister. The new code will come into effect from 2011 when it becomes a law. The draft proposes sweeping changes in the country s direct taxation system. It will make evading taxes tougher, as the new code proposes to take away powers from any tax authority to waive penalty, even as it reduces the amount of such fine to twice the tax liability against thrice at present. Also, India is expected to join the ranks of countries which have peak personal tax rates, higher than the corporate tax rate. As of now, the peak personal tax rate is 30% and corporate tax rate is 34% for domestic entities. The reason stated by experts is that, by keeping the corporate tax rate lower than individual tax rate beyond a particular level of income (Rs 25 lakh in case of India), the government wants businesses to be corporatised, that is to form companies rather than carry on as individual owned enterprises. Some of the key proposed amendments and their probable impact (if available) are tabulated as follows: Amendment Hike in income-tax slabs. Income heads have been defined as income from employment, house property, business, residuary sources and capital gains. Reduction in corporate tax from 30% to 25%. Removal of Securities Transaction Tax (STT) and rationalisation of capital gains tax alongwith removal of distinction between long-term and short-term capital gains tax. Limit under Section 80-C, which has been renamed as Section 66, has been hiked from Rs1 lakh to Rs 3 lakh. All perks enjoyed by an employee brought under the tax net. They will be included in the gross salary. Retirement savings will be taxable on withdrawal, as the draft code has proposed to usher in exempt, exempt, tax (EET) regime. Also to be applied to provident funds, approved superannuation funds, and life insurance. The treatment of various incomes of a company has been changed and hence, the tax thereon would be different. Impact Better tax compliance and increase in revenue collection. May encourage better tax compliance This will incentivise small savings. Some of the non-cash perks, such as housing facilities, if valued at market rates, will leave the assessee with inadequate cash flows to meet the tax liability. Pensioners disposable savings at the time of retirement will be relatively less. Likely to adversely affect both Indian and offshore mergers & acquisitions involving Indian subsidiaries. 51
5 The draft Direct Tax code is a mixed bag for individuals, particularly the salaried class. For taxpayers in the lower brackets, taxes may actually go up, depending on various assumptions. People who make substantial income from buying and selling shares may also lose out. While it does take away a whole lot of exemptions, reportedly, individuals stand to gain from the reforms proposed for personal income tax by allowing savings of annual tax liability depending on the income tax slab. The code has also pushed for the setting up of the National Tax Tribunal (NTT), which would hear appeals against orders passed by the Income Tax Appellate Tribunal. Section 192 of the draft direct taxes code provides for an appeal to the NTT against decisions by the ITAT while Section 193 says that orders of the NTT can be appealed against in the Supreme Court. The finance minister has revised the direct tax collection target to Rs 400,000 crore from Rs 370,000 crore mentioned in the Budget. This revision comes on the back of drought across the country. The FM has cited reasons such as the direct tax base in India being small, there is substantial tax evasion or underpayment of taxes. This requires expanding tax base further. However, the greatest help in tax collections is going to come from cyber forensic labs which will help taxmen retrieve deleted data. Income tax sleuths would soon be equipped with cyber forensic lab facilities by which deleted files and s from assesses computers can be recovered. Such facilities are currently available only in Delhi and Mumbai and would soon be set up in the rest of the 12 directorates of Income Tax investigation. As per the procedure, taxmen carry portable sets of machines to assesses houses or offices and get mirror images of everything inside their computers which even include deleted materials. This method helps in analysing cloned data of assesses computers while keeping the sealed computers untouched. CBDT withdraws tax exemption and lower tax regimes to foreign firms The Central Board of Direct Taxes (CBDT) has withdrawn a 20-year-old instruction that provided tax exemption and lower tax rates on foreign firms setting up consortia with domestic companies for engineering, procurement and construction (EPC) contracts in power, oil & gas, roads and other infrastructure sectors. The authorities will tax the income of a consortium as a single unit, at the rate of 42%, the applicable rate for such entities called association of persons in tax parlance. A domestic company as a single entity has to pay tax at the rate of 30%. 52
6 However, the move will increase the cost of implementation of several projects besides discouraging foreign participation in the crucial infrastructure space, say experts. This directive would also be made applicable to projects which have already been bid. Unfortunately, this has resulted in loss of revenue for the exchequer as per a ministry official. Reportedly, there have been instances when a consortium has been created only to take advantage of the instruction. Central government to release balance arrears by September-end The central government will release the balance 60% of revised pay arrears to all government employees. By the end of September, the government will shell out Rs 17,500 crore to its 50 lakh employees, a kind of mini-stimulus before the festival season. The arrears are part of the Sixth Pay Commission that were implemented with retrospective effect from 1 January The Department of Expenditure has recommended that employees retain at least a part of the arrears in their government provident fund accounts. Pensioners too will receive their second installment of arrears. After these payouts are made, the government will have given its employees a total of nearly Rs30,000 crore in arrears. Employees who joined after 1 April 2004 will receive the second installment of arrears once it is ascertained they have registered with the New Pension Scheme. Government proposes extension of tax sops for supercritical technology The government has proposed to extend the excise waiver and income-tax holiday benefit to power projects based on supercritical technology, including large-sized energy-efficient power equipment. The proposal is part of the new mega power policy being worked out. The existing policy has no provision for giving incentives to the new-generation supercritical power projects. In addition, the new policy would also allow projects that have achieved financial closure but have not tied up requisite long-term power purchase agreements (PPAs) to apply for mega power status and avail incentives. The benefits would be extended only if such projects (supercritical projects) source equipment by inviting international competitive bidding with the mandatory condition that the supplier sets up an indigenous manufacturing facility. 53
7 7.7 Summing Up The fiscal and revenue deficits have increased faster when compared to a year ago. While the non-plan expenditure has grown faster, the revenue buoyancy has declined due partly to reductions in tax rates as part of the stimulus package and partly due to the subdued economic activity and falling imports. The draft direct tax code which will enable India to join ranks with countries having peak personal tax rates higher than corporate has been made available for debate. The impact of the draft is a mixed bag. Individuals and corporates even though gain on lower tax rates, they may lose out on reduction in tax exemptions. Foreign companies especially will come under I-T scanner, as their exposure widens. 54
2. Investment pattern of employees in financial assets.
Contents 8.1Summary of Major Findings 8.2 Other Findings 8.3 Evaluation and Contribution of the Researcher 8.4 Policy Implications 8.5 Suggestions 8.6 Future Research Issues 8.7 Conclusion Tax planning
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