-The Hindu In bridging the GST gap, the Centre ought to help States through the Consolidated Fund of India It is beyond anyone’s imagination that the Government of India would invoke the “Force Majeure” clause against its own people. Unfortunately, this has become reality at a time when every Indian State is massively burdened by the COVID-19 crisis and governance has been severely affected. Finance Minister Nirmala Sitharaman’s statement on Thursday that the...
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GST cess falls 42% short in FY20
-The Hindu Compensation for last fiscal paid to States using previous years’ balance of cess The Centre made up a 42% shortfall in Goods and Services Tax compensation cess collection in 2019-20 by using balance of cess from previous years, plus a transfer from the Consolidated Fund of India. Meanwhile, the GST Council, which was slated to meet this month to discuss the possibility of market borrowing to meet likely future shortfalls,...
More »This Centre is a collection centre -Anita Joshua
-The Telegraph Migrant fiasco: Part II unfolds The decision to squeeze some money out of the mass movement of migrants blew up in the Centre’s face on Monday, prompting it to try and shift the blame to state governments. But the paper trail shows that states were asked to “collect the ticket fare” and hand over the amount to the Indian Railways. This is the second time the Narendra Modi government is finding...
More »Centre pushes for transfer of Sebi's surplus into its accounts -Rajeev Jayaswal
-Hindustan Times Sebi and some of the other regulators initially opposed the plan, citing concerns about loss of autonomy, but the government wants to go ahead with its plan, and finalise the transfer before the next budget is presented on February 1, 2020. New Delhi: The government is pushing ahead with its plan, underlined in Union Budget 2019, to transfer 75% of market watchdog Securities and Exchange Board of India’s (Sebi) surplus...
More »Demands for Grants, Finance Bill may escape scrutiny of Parliamentary panels -Shishir Sinha
-The Hindu Business Line Almost half of the budgetary exercise is over, but Parliament is yet to see formation of department-related standing committees (DRSC). This means Demands for Grants and the Finance Bill will not be vetted by DRSCs as of now. The Lok Sabha is scheduled to take up the Finance Bill for consideration and passage during the week starting July 15. There will also be discussions and voting on Demands...
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