A race to get Rs 1.6 trillion by tomorrow.

India's current account deficit (CAD) was lower at 2.5% of GDP in the third quarter, ending on 31 December, whereas the fiscal deficit in 11 months to February was 134% of the target set in the budget. "While the net direct tax collection target for 2018-19 is Rs 14.84 trillion, the government has been able to collect only Rs 10.9 trillion till February, leaving a whopping Rs 3.94 trillion to be collected in March." India's trade deficit increased to $145.3 billion in April-December 2018 from$118.4 billion in April-December 2017." While FDI increased to $24.8 billion from $23.9 billion in the same period, foreign portfolio investment (FPI) "recorded a net outflow of$11.9 billion in April-December 2018, against an inflow of $19.8 billion a year ago". Taking trade deficit, FDI and FPI into account, we are down $57.7 billion in April-December 2018, so CAD will probably be higher for the whole year. As on 23 March direct tax collections stood at Rs 10.21 trillion, 85% of budgeted Rs 12 trillion. Member of Central Board of Direct Taxation (Revenue) Neena Kumar has written to tax officials that their assessment depends on meeting targets. Meaning, terrorise taxpayers. Income tax officials have to raise Rs 1.6 trillion this weekend, which is 13% of the year's target, to meet demands of the government. Monday, 1 April is the start of the new financial year. Chartered accountants across the country have appealed to Prime Minister Narendra Modi to stop bullying of taxpayers. As it is, on average taxpayers pay an extra Rs 20,000 every year because they do not invest in tax saving instruments. This is partly because tax savings schemes have a lock in period and people do not have enough money after spending for daily expenses. Also the government keeps changing rules to trap taxpayers, like the unexpected introduction of capital gains tax on equity linked savings schemes, which were introduced to help people save taxes. "Aviation and telecom were the flag bearers of a new India post the reforms of 1991," wrote S Khanna. "A look at the financials of the two sectors reveals deep splashes of red ink on the balance sheets of many of the incumbents saddled with large looming debts." Why when "Demand is robust and growing"? There is GST on air tickets and fuel costs 34% of costs of airlines in India, because of exorbitant taxes, while it is 24.2% on average internationally. At least 12 airlines have collapsed in the last 21 years. "From the outside, everything should be going its way -- strong demand, smart companies, sound fundamentals . But a combination of private sector overconfidence and government intervention means it's just too difficult to make sustained profits here," wrote M Sharma. Telecom companies are gasping under loans of Rs 7 trillion, paid for obtaining licenses and spectrum fees, and because the government has not refunded Rs 300 billion in GST input tax credit. It is simple really -- when a company fails taxes stop. Best to bleed it gently.