[Economy Lecture] Budget 2015: Direct & Indirect Taxes, Public Debt, Fiscal Deficit & FRBM TargetsDevendra Vishwakarma
- L4/P1: Fiscal policy: Direct Taxes & Budget 2015
- L4/P2: Indirect Taxes, Subsidies & Capital Part of Budget 2015
- L4/P3: Public Debt, Fiscal Deficit & FRBM Act Targets
- The economic survey related articles will be published after I’m done reading and researching myself.
- In the meantime, here’s the recoding of my lecture series on budget and economic survey at SPIPA, Ahmedabad.
- First session 2:30 hours, I’ve split it into three parts.
- PowerPoint of the lecture, available at Mrunal.org/Download
- Medium of instruction- Hindi.
- English version not possible for the moment, because I’m required to teach at this batch, in Hindi/Gujarati only. Besides, same content is available in English-text articles and English PPTs on the site.
L4/P1: Fiscal policy: Direct Taxes & Budget 2015
- Budget versus economic survey: who prepares what?
- Economic survey 2014 – 15: how to approach its two volumes in a systematic manner for UPSC civil service provision?
- What is the theme of economic survey 2014?
- 3 documents in budget (annual financial statement, finance bill, appropriation Bill
- 3 Types of “Funds” in Budget: Consolidated fund, public account and contingency fund
- What is the difference between Vote on account and interim budget?
- Direct taxes of union and State governments.
- Direct taxes: on income or expenditure vs on those on assets and capital transactions
- List of abolished direct taxes, apart from wealth tax.
- Direct taxes: Merits and Demerits
- Direct taxes under budget 2015, and list of deductions
- Difference between cess and surcharge? How they are computed?
- Wealth tax: why was it abolished? 4 Canons of taxation is by Adam Smith
- Corporate tax, MAT and other direct taxes in budget-2015
Youtube Link: http://youtu.be/jRM1oC9FJXg
L4/P2: Indirect Taxes, Subsidies & Capital Part of Budget 2015
- indirect taxes of union and State governments
- indirect taxes: merits and demerits
- Service Tax theory: negative list vs exempted list.
- How and Why does Jaitley want pruning of negative list?
- Cess provisions on custom duty, excise duty and service tax in budget 2015
- Reforms in indirect taxes to promote ease of doing business.
- Collection Ranking: direct and indirect taxes in revised estimates 2014-15 and budget estimates 2015-16 ascending and descending order.
- What is the difference between gross tax revenue and net tax revenue?
- Non-tax receipts of revenue budget and collection orders.
- Revenue expenditure: ascending, descending orders
- Subsidies: Major subsidies, Targets for budget-2015, ascending descending orders.
- Capital receipts and expenditure: major heads and ranking
- Plan versus non-plan expenditure.
- the larger picture: Classification of budget- old method vs new method.
Youtube Link: http://youtu.be/JSTsf50ytYs
L4/P3: Public Debt, Fiscal Deficit & FRBM Act Targets
- formulas and figures for: revenue deficit, effective revenue deficit, fiscal deficit and primary deficit
- High level of fiscal deficit is bad for economy- why and how?
- Fiscal responsibility and budget Management act (FRBM): Jaitley target vs. Economic survey target vs. 14 finance commission target.
- Why does 14 finance commission want government to replace effective revenue deficit with revenue deficit in FRBM target list?
- remaining parts- in next lecture video…(continued)
Youtube Link: http://youtu.be/l8nh2cCrZ6k