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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.
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