Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: articles on VAT and GST in India :: form 3cd :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TDS :: empanelment :: ACCOUNTING STANDARDS :: VAT Audit
« Budget Extravaganza »
 Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18.
 New look finance ministry team to frame contours of Budget 2018
 How presenting the Budget early seems to be paying off already
 Budget advancement helps Centre, states start spending early
 Five things that you can expect from the Mumbai civic budget today
 GST all set for July 1 rollout but casts shadow on state budgets
 Income-Tax collection revised in Rajasthan budget
 No new taxes likely in Maharashtra Budget
 H.P. budget devoid of any financial prudence
 GST, demonetisation todecide budget priorities
 Railways to come up with mini-budget tomorrow

Rs 1 lakh crore budget funds go unspent
February, 12th 2010

While the government is grappling with a huge fiscal deficit and hence large borrowings to fund key social sector schemes, staggering sums of up to Rs 1 lakh crore in a year out of the money allocated to various ministries remained unspent between 2005-06 and 2007-08.

Unspent provisions of Rs 100 crore each or more alone totalled Rs 59,000 crore in these years, according to the Comptroller and Auditor General. The CAG has so far reviewed accounts till 2007-08. The Union account for 2008-09 is still being readied.

Whats worse, the CAG has pointed out that there is uncertainty even about whether all the amounts shown as spent in government accounts have actually been spent. In 2007-08, for instance, more than Rs 51,000 crore was allocated under various flagship schemes in which the money is directly transferred to the bank accounts of NGOs, autonomous bodies and district authorities.

Whether these amounts have actually been spent by the organisations or are lying idle in their accounts is a moot point, the CAG has noted, observing that since these fall outside the purview of government accounts and hence the Centres checks, this is an alarming situation.

The unspent grants are a shocking indicator of the governments poor budgeting mechanism and the failure of its monitoring tools put in place ostensibly to keep a tab on the progress of some of the key flagship schemes.

Even the Union governments monthly accounts for the current fiscal, maintained by the Controller General of Accounts (CGA), the official account keeper, reveal that some of the ministries have failed to learn lessons from the past. Their expenditure till December 2009 was not more than 50% of the annual budget though just three months remained for the end of the fiscal year.

Unspent provisions of Rs 100 crore and above have been in key departments implementing many of the governments social sector schemes in health, education, rural development and food and public distribution, besides capital acquisition for the defence services.

A budgetary grant or appropriation not utilised indicates either poor budgeting or shortfall in performance or both, the CAG said. In 2007-08, the latest finalised Union account available, unspent provisions of more than Rs 100 crore, which need a detailed explanatory note to the Public Accounts Committee, occurred in 60 cases.

In 2007-08, under 97 grants of civil ministries, there was an unspent provision of Rs 1,08,000 crore. These unspent grants are supposed to be surrendered to the government as soon as these are foreseen without waiting for the last day of the year.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions