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Centre devolved over Rs 3.09 lakh crore to states till July: MoS Finance Minister of State (MoS) for Finance Pankaj Chaudhary has said that the Centre has devolved over Rs 3.09 lakh crore to states till July of the Rs 10.21 lakh crore budgeted to be transferred in the current fiscal (FY23). He said there is no pendency on part of devolution payable to states. The minister said of the Rs 3.09 lakh crore net proceeds of shareable union taxes and duties distributed to the states, Central GST collection devolution stood at Rs 94,368 crore till July. Part of the CGS...
Centre devolved over Rs 3.09 lakh crore to states till July: MoS Finance
Centre devolved over Rs 3.09 lakh crore to states till July: MoS Finance
Source: Accord Fintech
26/07/2023 12:29:35 PM
Growth in aggregate GST collection for states likely to moderate to 12-14% in FY24 Domestic rating agency Crisil said the growth in aggregate GST collection for states is likely to moderate to 12-14 per cent in FY24 from 20 per cent in FY23. The agency’s senior director Anuj Sethi said despite the moderation in growth, the GST collections will continue to be the biggest driver of revenue growth for states. He added factors like the resilience of the Indian economy amid global turbulence, moderating inflationary environment, and increasing tax compliance will help the ...
Growth in aggregate GST collection for states likely to moderate to 12-14% in FY24
Growth in aggregate GST collection for states likely to moderate to 12-14% in FY24
Source: Accord Fintech
15/06/2023 10:47:29 AM
India`s pension scheme review must prioritise fiscal prudence, development spending-Economists  The federal government's decision to review the pension scheme for its employees must not come at the cost of prudent fiscal management, economists told Reuters on Tuesday. They feared that a higher share of government revenues going towards salaries and pensions will compromise development expenditure. The centre's decision to review the pension system - a committee for which was set up last week - follows a move by a few large states to revert to an older scheme. Unde...
India`s pension scheme review must prioritise fiscal prudence, development spending-Economists
India`s pension scheme review must prioritise fiscal prudence, development spending-Economists
Source: Reuters
11/04/2023 3:49:59 PM
States` GFD budgeted to decline to 3.4% of GDP in 2022-23: RBI report Reserve Bank of India (RBI) in its report 'State Finances: A Study of Budgets of 2022-23' has said states’ gross fiscal deficit (GFD) is budgeted to decline from 4.1 per cent of gross domestic product (GDP) in Covid-hit 2020-21 to 3.4 per cent of GDP in 2022-23 showing improvement in their fiscal health. It also advised States to continue to focus on creating a congenial ecosystem for greater private investments. It stated the fiscal health of the states has improved from a shar...
States` GFD budgeted to decline to 3.4% of GDP in 2022-23: RBI report
States` GFD budgeted to decline to 3.4% of GDP in 2022-23: RBI report
Source: Accord Fintech
17/01/2023 11:21:53 AM
Government releases revenue deficit grant worth Rs 7,183 cr to 14 states Government on Monday released revenue deficit grant (RDG) of Rs 7,183.42 crore to 14 states. With this, the total RDG released to states so far in the current financial year has gone up to Rs 57,467.33 crore. This was the eighth instalment of the grant for the current fiscal released to states. In 2022-23, the states will get a total RDG of Rs 86,201 crore. The 15th Finance Commission has recommended a total post devolution RDG of Rs 86,201 crore to 14 states for the financial yea...
Government releases revenue deficit grant worth Rs 7,183 cr to 14 states
Government releases revenue deficit grant worth Rs 7,183 cr to 14 states
Source: IANS
7/11/2022 3:29:03 PM
Government releases 3rd installment of revenue deficit grant worth Rs 7,183 crore to 14 States The Finance Ministry has released the 3rd monthly installment of Post Devolution Revenue Deficit (PDRD) Grant of Rs.7,183.42 crore to 14 States. The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs 86,201 crore to 14 states for the financial year 2022-23. These grants are released in 12 monthly instalments and are given to states to help them meet the gap in their revenue accounts after devolution. The states receiving this grant are Andhra P...
Government releases 3rd installment of revenue deficit grant worth Rs 7,183 crore to 14 States
Government releases 3rd installment of revenue deficit grant worth Rs 7,183 crore to 14 States
Source: Accord Fintech
7/06/2022 12:34:38 PM
Government extends PMEGP scheme for five more years With an aim to facilitate generation of employment opportunities for unemployed youth across the country, the government has approved the extension of its scheme for employment generation ‘Prime Minister’s Employment Generation Programme’ (PMEGP) over the 15th Finance Commission Cycle from 2021-22 to 2025-26 with an outlay of Rs 13,554.42 crore. In addition, multiple modifications have also been made to the scheme including increasing the maximum financial assistance offe...
Government extends PMEGP scheme for five more years
Government extends PMEGP scheme for five more years
Source: Accord Fintech
31/05/2022 1:41:11 PM
Government approves new guidelines of Micro & Small Enterprises Cluster Development Programme With an aim to enhance the competitiveness and productivity of Micro & Small Enterprises, The Government has approved New Guidelines of Micro & Small Enterprises Cluster Development Programme (MSE-CDP), which will be implemented during 15th Finance Commission Cycle (2021-22 to 2025-26). According to the notification, for common facility centers (CFCs): The central government grant will be restricted to 70% of the cost of project from Rs 5 crore to Rs 10 crore and 60% of the cost of...
Government approves new guidelines of Micro & Small Enterprises Cluster Development Programme
Government approves new guidelines of Micro & Small Enterprises Cluster Development Programme
Source: Accord Fintech
30/05/2022 1:43:56 PM
Finance ministry releases monthly revenue deficit grant to 17 states totalling Rs 9,871 crore The finance ministry has released monthly revenue deficit grant to 17 states totalling Rs 9,871 crore. This was the 10th instalment of the post devolution revenue deficit (PDRD) grant released to the states. So far, an amount of Rs 98,710 crore has been released to 17 states as post devolution revenue deficit grant in the current financial year. States which received this grant are Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, P...
Finance ministry releases monthly revenue deficit grant to 17 states totalling Rs 9,871 crore
Finance ministry releases monthly revenue deficit grant to 17 states totalling Rs 9,871 crore
Source: Accord Fintech
7/01/2022 9:39:00 AM
17 states to get Rs 9,871 cr as monthly revenue deficit grant Seventeen states are to receive Rs 9,871 crore as the 10th instalment of monthly Post Devolution Revenue Deficit (PDRD). So far, an amount of Rs 98,710 crore has been released to eligible States as Post Devolution Revenue Deficit Grant in the current financial year, informed the Department of Expenditure, Ministry of Finance on Thursday. These states are -- Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim,...
17 states to get Rs 9,871 cr as monthly revenue deficit grant
17 states to get Rs 9,871 cr as monthly revenue deficit grant
Source: IANS
6/01/2022 3:50:54 PM
Centre releases Rs 8,453.92 cr health sector grant to local bodies The Centre has released health sector grant worth Rs 8,453.92 crore to the local bodies of 19 states. These grants have been released as per the recommendations of the Fifteenth Finance Commission. The Fifteenth Finance Commission (FC-XV) in its report for 2021-22 to 2025-26 has recommended a total grant of Rs 427,911 crore to the local governments. Notably, these grants recommended by the commission inter-alia include health grants of Rs 70,051 crore. Out of this amount, Rs 43,92...
Centre releases Rs 8,453.92 cr health sector grant to local bodies
Centre releases Rs 8,453.92 cr health sector grant to local bodies
Source: IANS
14/11/2021 11:58:44 AM
IMF's decision to revise India's growth forecast downwards to 6% is ‘gross under estimation’: N K Singh Chairman of the 15th Finance Commission -- N K Singh has said the International Monetary Fund’s (IMF's) decision to revise India's potential growth forecast downwards to 6 per cent citing the coronavirus pandemic is a ‘gross under estimation’ and observed that calculations of growth potential are always problematic. He mentioned ‘The issue of our medium term growth potential projected by the IMF last week by recaliberating it from 6.25 per cent to 6 per cent, i...
IMF's decision to revise India's growth forecast downwards to 6% is ‘gross under estimation’: N K Singh
IMF's decision to revise India's growth forecast downwards to 6% is ‘gross under estimation’: N K Singh
Source: Accord Fintech
27/10/2021 11:02:47 AM
Rs 13,385.70 crore grant-in-aid released to Rural Local Bodies The Finance Ministry has released an amount of Rs 13,385.70 crore to 25 states for providing grants to the Rural Local Bodies. This Grant-in-aid is the 1st instalment of Tied grants of the year 2021-22. The grants have been released as per the recommendations of the 15th Finance Commission. Tied grants are released to the Rural Local Bodies (RLBs) for improving two critical services namely Sanitation and maintenance of open-defecation free (ODF) status and supply of drinking water, rain...
Rs 13,385.70 crore grant-in-aid released to Rural Local Bodies
Rs 13,385.70 crore grant-in-aid released to Rural Local Bodies
Source: IANS
31/08/2021 3:23:44 PM
India`s tax revenue below potential by about 4% of GDP: NK Singh 15th Finance Commission Chairman NK Singh has said India's tax revenue potential is lower by 4 per cent of Gross domestic product (GDP) and the country needs to bring in deep reforms in the revenue management system. He also said an incentive mechanism for states needs to be worked out so that their policies are aligned to those of the central government. Singh said there is a need to redo direct and indirect taxes and bring about deep reforms in the revenue system. Singh mentioned &ls...
India`s tax revenue below potential by about 4% of GDP: NK Singh
India`s tax revenue below potential by about 4% of GDP: NK Singh
Source: Accord Fintech
26/04/2021 10:05:11 AM