- S Africa widens hunt for Zuma allies to India, China
- India best placed to leverage technology: PM
- DMK to convene 'all-party' meet on Cauvery issue
- Pak charges Rs 2.86L as route navigation charges on PM flights
- Mentally challenged person shot dead near J&K Air Force station
- FIR against Rotomac promoter for Rs 800 cr bank fraud: CBI
- PNB fraud fallout: CBI seals Brady House Branch in Mumbai
GST regime brings new cash mgmt system for Government expenses
The new GST regime has brought with it a new cash management system for Government expenditure and income with the Home Ministry directing all its 21 divisions to strictly follow it to avert any situation of temporary mismatch in cash outflows and inflows. In a circular, the home ministry said the revised cash management system, formulated by the Ministry of Finance, has to be followed in view of the changes in tax receipt under the GST regime.
As per the guidelines of the new system, the salary of the employees should be released on the last working day of each month and the bulk expenditure items of more than Rs 2,000 crore should be timed in the last month of each quarter to utilise direct tax receipt inflows in June, September, December and March. A calendar of big releases of Rs 200 crore to Rs 2,000 crore shall be prepared and date of release should be kept between 21st and 25th of the month, according to the guidelines, accessed by PTI.
In case a major expenditure of more than Rs 200 crore and above needs to be prepared outside the prescribed dates, prior approval of the budget division of the finance ministry should be taken. Not more than 33 per cent of the expenditure of budget estimates in the last quarter and 15 per cent in the last month of the financial year shall be permissible. The restriction shall be observed both scheme-wise as well as for the demand for grants as a whole. The financial adviser of the ministry should review and freeze the timing of the receipt of dividend and various other non-tax receipts of the ministry.
The financial adviser of the ministry should monitor the timely realisation of the non-tax receipts and submit collection details of non-tax receipts through the online portal 'Bharat Kosh' of the Controller General of Accounts, according to the guidelines. The guidelines said that the home ministry will furnish the month-wise tax revenue inflows to budget division on quarterly basis.
The financial adviser will also monitor the release of funds to autonomous bodies and other organisations to ensure that there is no undue build up of funds with such bodies. Release of funds to autonomous bodies and implementing agencies will be on monthly basis, rather than in adhoc manner, to avoid parking of funds, the guidelines said. Each division of the ministry has to prepare monthly or quarterly expenditure plan and send it to the budget division of the finance ministry within two weeks of passing of the demand for grants in Parliament.
- United India Insurance's net profit at `306.27 cr during April-Dec last year 19 Feb 2018 | PNS
- FPIs' net outflow from equities hits $1 bn so far in February 19 Feb 2018 | PTI
- Uncertainty looms over mega petrochemical project in AP 19 Feb 2018 | PTI
- Five of top-10 firms take Rs 38,724 cr hit in m-cap 19 Feb 2018 | PTI
- India's finished steel export slides over 30% in Jan 19 Feb 2018 | PTI
- Impact of GST on restaurant industry positive, says survey 19 Feb 2018 | Manoj Raghuvanshi
- CII-IBA Q4 Financial Conditions Index up over 2016-17, falls below Q3 19 Feb 2018 | IANS
- Coal import rises by 12% to 18 million tonnes in January 19 Feb 2018 | PTI
- Incentives for green tech, artificial intelligence likely 19 Feb 2018 | PTI
- RIL plans Rs 60k-cr digitial industrial area in Maharashtra 19 Feb 2018 | PTI
Sunday EditionView All
18 Feb 2018 | Gwynne Dyer
Now that Jacob Zuma has finally exited, the African National Congress, which has fallen a long way from its glory days, has one last chance to rebuild its reputation before next year’s election. Whether the ANC is the best bet for South Africans is a different question altogether As a passer-by in the upscale Johannesburg suburb of Saxonwold observed, the South African Police would never have raided the enormous, high-walled compound...
STATE EDITIONSView All
19 Feb 2018 | SURESH NIKHAR | Bokaro
A police team of Bokaro Thermal police station headed by inspector cum officer-in charge Parmeshwar Leyangi on Sunday morning conducted raids at Ganjutola in Armo forest area here and seized approx 2.5 tonnes of illegal coal along with their 4 motorcycles and 5 cycles,said Bokaro SP Kartik S...