4/30/2023 0 Comments 1.45 trillion writedown![]() ![]() The average monthly gross GST collection for the first quarter of FY23 has been ₹1.51 trillion against ₹1.10 trillion in the first quarter of the last financial year, showing an increase of 37%.Įconomic recovery after the pandemic, anti-evasion activities, especially action against fake billers, have been contributing to enhanced goods and services tax collections, the finance ministry statement said. Budget The federal government collected 5.0 trillion in revenue in fiscal year 2022 (FY 2022) or 15,098 per person. The national debt hit 30.9 trillion last fiscal year. The finance ministry said the total number of e-way bills generated in May 2022 was 73 million, which is 2% less than the 74 million e-way bills generated in the preceding month. The federal government spent 28.7 more than it collected in FY 2022, resulting in a 1.45 trillion deficit. Since this comes against the backdrop of the guaranteed compensation to the states coming to an end, it would assuage many state governments worried about their revenue mobilization ability, Mani said. The roughly 2.8 trillion deficit in fiscal 2021 is the second-largest deficit in US history in nominal terms and, according to Goldwein’s organization, the sixth-largest as a percentage of Gross. The statement said that the government further reiterates that the provision for food subsidy in the Budget for FY24 is adequate to cover all anticipated costs of projected PDS requirement of essential commodities for distribution amongst beneficiaries.“The increase in state-wise collections in June compared with the collections in the same month last year is impressive as many large states have shown an increase in excess of 40%," said M.S. For instance, in the current FY23, the indicative IEBR outlay was Rs 89,425 crore in the Budget Estimates, which has been scaled down to Rs 56,935 crore in the RE, on account of lower carrying cost of reduced inventory,” said the statement. ![]() “This has been a continuing arrangement made available to FCI. The actual utilisation against the indicative estimate is expected to be need-based and in a phased manner. It further added that as part of the government’s commitment to budgetary transparency and proactive disclosure, the Budget documents for FY24 disclose indicative working capital requirements for FCI upfront in the next fiscal year. It can also be abbreviated as 1.45T In figures, the digits in 1. “Costs from working capital requirements are included in the food subsidy released to FCI from the Union Budget,” read the statement. The number form of 1.45 trillion is written as 1450000000000. Congressional lawmakers hope on Thursday to finalize a bipartisan, roughly 1.7 trillion bill that boosts domestic and defense spending through most of 2023, funding the government and averting a. Pending receipt, FCI manages its working capital requirements, or the costs arising from procurement operations, establishment, freight, and storage inventory carrying charges by availing of cash credit from a consortium of banks, short-term loans (up to 90 days), ways and means advances, etc. The Centre also said that food subsidy - which is the difference between the economic cost and central issue price - is released to FCI as a reimbursement from the Budget after essential commodities are made available for distribution via PDS outlets. ![]() The IEBR of FCI for FY24 - in line with the Budget documents - is projected to jump a staggering 164 per cent to nearly Rs 1.45 trillion, from the 2022-23 (FY23) Revised Estimates (RE) of Rs 55,000 crore.Īccording to the statement, this reflects FCI’s anticipation of higher levels of procurement, including incidental expenses, by reason of increased inventory of essential commodities in the year. Costs from these working capital requirements are included in the food subsidy released to FCI from the Budget, said an official statement. 1.45 trillion 1450000000000 Use this free online calculator to convert any other number word notation to number form. It is to provide money for the cost of procurement and managing public distribution system (PDS) operation costs. ![]() In an attempt to clear the air on the outlay of Rs 1.45 trillion shown as internal and extra budgetary resources (IEBR) for Food Corporation of India (FCI) in the Union Budget 2023-24 (FY24), the Centre on Tuesday said the figure represents an indicative estimate of short-term working capital requirement of the FCI. According to the Parliamentary Budget Office (PBO), Canada has 1.45 trillion worth of debt under Justin Trudeau’s watch. Since the subprime financial crisis began in mid-2007, banks and insurers around the world have reported 1.1 trillion of losses. ![]()
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