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Temporary retention of GST cess in CFI is not diversion, says FinMin official
The temporary retention of Goods and Services Tax (GST) cess in the Consolidated Fund of India (CFI) in FY18 and FY19 is no diversion of the funds, a finance ministry official said in response to an observation made by the Comptroller and Auditor General of India, (CAG).
The government’s statutory auditor had said in the financial audit report for FY19 tabled in Parliament that there was short crediting of the GST compensation cess collection, totalling ₹47,272 crore, during FY18 and FY19 to the GST Compensation Cess Fund, which is part of the public account.
Unlike the CFI, withdrawals from the public account does not need Parliament’s approval and the funds do not belong to the central government.
The audit report pointed out this short crediting was a violation of the GST Compensation Cess Act of 2017. It also said the fund retained in CFI became available for use for purposes other than what was provided for in the Act, a view the finance ministry does not concur with.
The central government retained the amount unutilized after making full compensation payment to states for the years. Also, in FY20, the Centre released ₹1.65 trillion as GST compensation to states although only ₹95,444 crore was collected as the cess in that year. This was done with the previously unutilized cess collection and therefore cannot be called a diversion, the official clarified.
The ministry is of the view that temporary retention of GST compensation receipt in CFI pending reconciliation cannot be termed as ‘diversion’. The compensation due to the states for the two years were fully paid and the time taken in reconciliation of compensation receipts cannot be termed as diversion of GST cess fund, said the official, who spoke on condition of anonymity.
The CAG report had pointed out that the short crediting of cess collected led to overstatement of revenue receipts and understatement of fiscal deficit.
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Haryana
Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024
Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.
The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.
Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.
With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.
The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.
Weather and AQI predictions in Delhi for next 7 days:
Date Temperature Sky October 23, 2024 32.93 °C Sky is clear October 24, 2024 32.69 °C Sky is clear October 25, 2024 32.5 °C Sky is clear October 26, 2024 32.07 °C Sky is clear October 27, 2024 30.69 °C Sky is clear October 28, 2024 31.29 °C Sky is clear October 29, 2024 32.09 °C Sky is clear
Weather in other cities on October 22, 2024
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Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024
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