Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT Audit :: VAT RATES :: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: due date for vat payment
News Headlines »
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer

Higher non-tax revenue improves Punjab's fiscal health: CAG
March, 14th 2008

A sharp increase in non-tax revenue has improved Punjab's fiscal health, even as the state's tax receipts showed a negligible growth in 2006-07, Comptroller and Auditor General has said in a report.

The CAG Civil report, tabled in Punjab State Assembly here today, found a significant improvement in fiscal indicators mainly on account of an increase in non-tax revenue.

"It happened on account of waiver of specific term loan of Rs 3,772 crore and debt waiver of Rs 131 crore under Debt Consolidation and Relief facility during 2006-07," the report stated.

The revenue of the state during the year in question stood at Rs 16,761 crore, comprising tax revenue of Rs 9,017 crore and as non-tax revenue of Rs 7,744 crore.

The tax revenue merely jumped by Rs 28 crore (0.31 per cent) in 2006-07 over the previous year. Moreover, the tax revenue remained significantly lower than the projections made by 12th Finance Commission.

The report revealed that expenditure on salaries, pensions, interest payments and subsidies swallowed about 71 per cent of total revenue of the state, leaving less resources for spending on social and economic services.

It highlighted that the return on Rs 3,762-crore investment in statutory corporations, joint stock companies and cooperatives was less than one per cent. The CAG also found idle investment in irrigation and power department (Rs 5.01 crore) and finance department (Rs 2 crore).

The total receipts of the state in 2006-07 stood at Rs 20,567 crore, and Rs 1,565 crore was received as share of divisible union taxes. However, the arrears of revenue reported by some departments were Rs 1,916 crore, of which Rs 1,547 crore were recoverable from dealers on account of sales tax, the CAG stated.

The findings of the audit further disclosed instances of embezzlement of government money, losses and unfruitful expenditure to the tune of Rs 88.71 crore in various government departments.

CAG found suspected fraud of Rs 16.62 lakh in animal husbandry department and loss of Rs 53.45 lakh due to wrong fixation of price for allotment of plots in agriculture department.

It stated that there were cases of undue financial aid and avoidable expenditure in Public works Department (Rs 16.03 crore), Housing and Urban Development (Rs 1.25 crore) and Irrigation Department (Rs 44.27 lakh).

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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