- The government has set a revenue target of Rs 19.6 lakh crore for the financial year 2019-20.
- The corporate tax rate cuts have increased the burden of the exchequer by 1.5 lakh crores every year.
- In the current financial year, the Reserve Bank has released Rs 1.76 crore.
- Due to the economic slowdown, tax collection is constantly decreasing
The treasury of the government is getting depleted at a fast pace and due to less than expected earnings, it is difficult to meet the necessary expenses. In such a situation, the government has once again put forward its hand to help towards the Reserve Bank.
The government once again put forward its hand to help towards the Reserve Bank
However, this information has been given by the news agency Reuters.
RBI has released Rs 1.76 lakh crore
The Reserve Bank had released Rs 1.76 lakh crore to the Center for the current financial year (2019-20). So far, Rs 1,23,414 crore has been released in this financial year, which is the highest in a year so far. Apart from this, the Reserve Bank had transferred Rs 52,637 crore separately at one time, there was a lot of controversies.
19.6 lakh crore revenue target
The government has set a revenue target of Rs 19.6 lakh crore for the financial year 2019-20, but due to the economic slowdown, the earnings are not being as expected. Every year the burden on the exchequer has increased by 1.5 lakh crore due to the cut in the corporate tax rate. Apart from this, GST is not able to earn every month as expected.
The government can ask for 45 thousand crores
They report the sources quoting the matter that the government will ask the Reserve Bank to consider the year 2019-20 as an exception and issue a share of the dividend. The government can ask for help from the Reserve Bank of Rs 35000-45000 crore. This year the growth rate has come down to 5%. However, the manufacturing sector has picked up in November. However, in the coming days, it will grow at a rate of 2 percent. Also, which was growing at a rate of about 6 percent last year. In such a situation, the government’s earnings will definitely be affected.
