A slower broadening of the tax base after the note-ban and GST implementation as well as weather- related impacts on crops could contribute to revenue slippage, it warned.
In the Budget 2017-18, Jaitley had reduced the income tax rate to 5 per cent from 10 per cent under the income slab from Rs 2.5 lakh per annum to Rs 5 lakh per annum.
The GST collection for the month of July was over Rs 95,000 crore while for August, it was more than Rs 91,000 crore.
Agriculture sector is expected to grow at 2.12% in the current fiscal against 4.1% in the preceding year, according to Central Statistics Office.
The penalty became a contentious issue when it was reported that public sector banks collected Rs 2320.96 crore in FY18 by imposing a fine on customers who do not maintain their minimum monthly average balance.
The Government today announced that it will infuse Rs 2.11 lakh crores in public sector banks to provide them relief from mounting pressures of non-performing assets (NPAs).
Finance Minister Arun Jaitley said that India stood as an exception in a world where most countries had started to increasingly look inwards.
While tabling the Budget, the Finance Minister tells the country about government’s revenues and expenditures, besides showing how the government plans to use public resources to meet policy goals.
In the given scenario, analysts say that the fiscal deficit could now rise to 3.5 per cent of the GDP and this slippage means that the expected target for the next fiscal – 3 per cent, will not be adhered to.
In the next Budget to be unveiled on February 1, the government could lower tax rate by 10 per cent on income between 5-10 lakh, levy 20 per cent rate for income between Rs 10-20 lakh and 30 per cent for income beyond Rs 20 lakh.
The Revenue Department has sent notices to three entities, including retail shopping outlet Lifestyle International, for allegedly not passing benefit of cost reduction to consumers.
MoS for Finance Pon Radhakrishnan said the I-T department conducted searches on around 900 groups between Nov 2016 and March this year, wherein assets worth over Rs 900 crore were seized and undisclosed income of Rs 7,961 crore was admitted.
The Reserve Bank had early July transferred Rs 30,659 crore as surplus to government for fiscal 2017, which was almost 50 per cent lower than the previous year.
Till March, businesses with a turnover of over Rs 1.5 crore will have to file only GSTR-1 or sales returns by 40th day of the end of the month. This will be in addition to initial GSTR-3B returns.
Earlier in the day, the GST Council decided to reduce tax rate on a wide range of mass use items - from chewing gums to detergents -- to 18 per cent from current 28 per cent.
Demonetisation a year ago has helped in flushing out black money, eliminating fake notes and reducing cash in circulation, the finance ministry said on Monday.
The mandatory use of PFMS will go a long way in ensuring that benefits of government schemes reach the last mile, Finance minister Arun Jaitley said.
The government, on Tuesday, announced a capital infusion of Rs 2.11 lakh crore in state-run banks over a period of two years.
The infusion into PSBs will be based on twin parameters of 'performance and potential', the Finance Ministry said.
Arun Jaitley on Tuesday announced a massive Rs 6.92 lakh crore infrastructure spending and another Rs 2.11 lakh crore for bank recapitalisation to revive investments as well as growth.
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