Open AccessSurvey of Economic Events Abroad- India
Author(s) -
Pide Staff
Publication year - 1961
Publication title -
pakistan development review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.154
H-Index - 26
ISSN - 0030-9729
DOI - 10.30541/v1i1pp.165-181
Subject(s) - crore , excise , yield (engineering) , government (linguistics) , revenue , economics , tax revenue , federal budget , finance , fiscal year , public economics , economic growth , macroeconomics , linguistics , philosophy , poverty , materials science , metallurgy
Government of India's Budget for 1961-62: Tb.3 Government ofIndia's Budget for 1961-62 presented to the Lok Sabha on February 28,1961, showed a deficit of Rs. 60.60 crores on the basis of existinglevels of taxation as compared with Rs. 33.66 crores in 1960-61 (revisedestimate). The yield from new tax proposals was estimated at Rs. 63.17crores (of which Rs. 2.30 crores will accrue to the States). The newproposals were chiefly reflected in indirect taxes. Excise duties havebeen raised on 14 items and newly imposed on 18 items, and were expectedto yield an additional Rs. 28.60 crores. Proposals for the enhancementof custom duties cover 41 items and were estimated to yield an extra Rs.29.07 crores. Some adjustments in direct taxation have also been madeand would yield about Rs. 3 crores. As a result of these tax measures,the estimated deficit of Rs. 60.60 crores on revenue account will beconverted into a small surplus of Rs. 0.27 crore.