and abuse duty credit facilities. New rules expose tax evaders to the threat of losing Cenvat credit facility and the monthly payment option.
On disinvestment, what has been achieved was way below the budget estimate, but the actuals exceeded the revised target. After the partial SUUTI stake sale in Axis Bank and floating the CPSE ETF, proceeds from disinvestment crossed revised estimates by about Rs 3,800 crore at Rs 22,856 crore as on March 21. The budget estimate for disinvestment was Rs 54,000 crore and revised estimate, Rs 19,027 crore.
As part of spending cuts, the government deferred payment of Rs 40,000 crore of food subsidy and Rs 38,000 crore of fertilizer subsidy to the next fiscal. Upto February end, non-plan spending was limited tightly at Rs 9.9 lakh crore or 88.9% of revised estimate, while plan spending was curtailed at Rs 4 lakh crore or 86% of the revised estimate.