Survey of Economic Events Abroad- India

PIDE Staff


Government of India's Budget for 1961-62: Tb.3 Government of
India'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 existing
levels of taxation as compared with Rs. 33.66 crores in 1960-61 (revised
estimate). The yield from new tax proposals was estimated at Rs. 63.17
crores (of which Rs. 2.30 crores will accrue to the States). The new
proposals were chiefly reflected in indirect taxes. Excise duties have
been raised on 14 items and newly imposed on 18 items, and were expected
to yield an additional Rs. 28.60 crores. Proposals for the enhancement
of custom duties cover 41 items and were estimated to yield an extra Rs.
29.07 crores. Some adjustments in direct taxation have also been made
and 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 be
converted into a small surplus of Rs. 0.27 crore.

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