Thursday, December 3, 2009

[Investors] Tax revenues may see shortfall of Rs150bn, Despite a growth of 6.5% in the IIP


The tax revenues for year till October 2009 have declined by 8% yoy to Rs2.1tn. With 32% yoy growth in expenditure, the fiscal deficit has almost doubled to Rs2.5tn.

Despite a growth of 6.5% in the IIP, the indirect taxes have failed to pick up and declined by 22% YTD. We believe that the government will fall short by ~Rs150bbn on the indirect taxes revenues front. We believe that while a part of the same may be funded with divestments, one can definitely expect a gradual withdrawal of the stimulus package last year in Q4FY10.

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The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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