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Government to meet fiscal deficit target: Official

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New Delhi, Aug 21 (IANS) The Central government is likely to meet its fiscal deficit target on the back of robust economic growth, higher tax compliance and “zero” revenue loss in Goods and Services Tax (GST), a senior Finance Ministry official said on Tuesday.

“There will be no shortfall in fiscal deficit target. We will meet the fiscal deficit target. Income tax collection is robust, first quarter results of the corporate world is absolutely delightful. I don’t see any reason for any concern on fiscal deficit,” the official said here.

The 2018-19 fiscal deficit — the difference between revenue and expenditure — has been pegged at Rs 6.24 lakh crore, as compared to the revised estimates of Rs 5.94 lakh crore for the previous fiscal.

On the GST, the official said: “I believe tax compliance and revenue buoyancy because of demand growth will almost result in ‘zero’ revenue loss despite the recent deductions in rates done to protect and promote sectors like textile, exports and handicrafts.”

The government has targeted a monthly revenue of Rs 1 lakh crore from the GST collection.

The Finance Ministry had earlier announced that the revenue collection under GST crossed the Rs 95,000 crore-mark for the second month in a row and stood at Rs 96,483 crore for the month of June (collected in July).

In a relief for common man, the GST Council in its meeting last month reduced tax rates on over 50 items including refrigerators, washing machines and small televisions, which would now be taxed at 18 per cent, down from the current 28 per cent.

Further, the official said that state governments have shown reluctance to include petrol and diesel in the GST basket, as they predict the move to curtail their overall revenue streams.

According to the official, the state governments are not willing to include petrol and diesel under the GST ambit as they would like to retain certain financial autonomy.

Besides, the official said that some state governments also utilise the taxes generated from petroleum products for infrastructure development.

The Central government is open to the idea of including the two main transport fuels in the GST basket as it will aid in bringing down prices and the overall inflation.

Recently, the prices of the two key transport fuels have risen due to higher crude oil prices and the rupee depreciation.

On August 14, the data on the Wholesale Price Index (WPI) furnished by the Commerce Ministry showed that price of high-speed diesel rose by 22.84 per cent on a Year-on-Year basis in July, petrol by 20.75 per cent and LPG by 31.68 per cent.

On July 18, Petroleum and Natural Gas Minister Dharmendra Pradhan informed the Rajya Sabha that GST Council which includes Finance Ministers of all states would decide when petrol, diesel etc can be brought under its regime.

Pradhan had pointed out that the petrol and diesel prices have been made market determined by the government effective from June 26, 2010 and October 19, 2014 respectively.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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