Centre not obligated to pay for shortfall in GST compensation fund: AG

K K Venugopal

Consolidated Fund of India

New Delhi: Flowers bloom at Parliament during the ongoing Budget Session, in New Delhi, Wednesday, March 11, 2020. (PTI Photo/Kamal Kishore)

parliament

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	Among the several government accounts, the Consolidated Fund of India is the most crucial. Constituted under Article 266(1) of the Indian Constitution, the Consolidated Fund of India is the account of the revenue the Government of India receives &mdash; via income tax, Customs, central excise and the non-tax revenue &mdash; and the expenses it makes, excluding exceptional items.</div>
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	Any money raised by the government, including loans through public notifications, treasury bills, and borrowings from foreign governments or international institutions, is always credited to this fund. Likewise, whatever money the Indian government spends &mdash; government expenditure &mdash; is incurred from this account. The government cannot withdraw any fund from this account without the approval of Parliament. Essentially, a sum of Rs 500 crore from Consolidated fund of India is transferred to the Contingency Fund of India for dealing with any emergency situation. However, if the contingency fund is not used by the government in a given financial year, there is no requirement to add more to it.</div>
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	<strong>Disbursement charged on Consolidated Fund of India</strong></div>
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	Payment of interests, loans and advances to state governments, internal debt of the central government, and grants-in-aid to state governments account for the bulk of expenditure.<br />
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	<strong>Read full&nbsp;Consolidated Fund of India&nbsp;document</strong> <strong>of Budget 2020-2021</strong><br />
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	<a href="https://bsmedia.business-standard.com/_media/bs/data/general-file-upload/2020-02/allafs.pdf" target="_blank"><strong>STATEMENT I</strong></a></div>
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RELATED BUDGET TERMS

Learn what is meant by Consolidated Fund of India, its Definition and more budget related news here at Business Standard.

What is Consolidated Fund of India, Budget News, Consolidated Fund of India Definition

What is Consolidated Fund of India?

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	As the name suggests, the Contingency Fund of India is the emergency fund for the nation. Constituted under Article 267(1) of the Indian Constitution, the Contingency fund of India is used at a time when there is a crisis in the nation &mdash; a natural calamity, for instance &mdash; and money is required to deal with it. The Union government has its own contingency fund with a corpus of Rs 500 crore.</div>
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	In 2005, the amount of the fund was raised from Rs 5 crore to Rs 500 crore. States can also opt to have their own contingency funds. The contingency fund of the Union government is at the disposal of the President of India, who releases the funds on request of the Union Cabinet, which later gets an approval from Parliament. A Parliament approval is mandatory.</div>
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	After the emergency has been dealt with, the fund is reimbursed to its full capacity of Rs 500 crore. This required money comes from the Consolidated Fund of India.</div>

Learn what is meant by Contingency Fund of India, its Definition and more budget related news here at Business Standard.

What is Contingency Fund of India, Budget News, Contingency Fund of India Definition

Contingency Fund of India

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	Taxation is the primary source of income for the government. The most important revenue receipts for the government, taxes are involuntary fees levied on individuals and corporations to finance government activities. Revenue receipts can be of two types &mdash; non-tax revenue and tax revenue. Tax revenue is the income gained by the government through taxation.</div>
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	Tax revenue forms a part of the Receipt Budget, which in turn is part of the Annual Financial Statement of the Union Budget.</div>
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	Tax revenue is the result of the application of a tax rate to a tax base. Total tax revenue as a percentage of GDP indicates the share of the country&#39;s output collected by the government through taxes. Tax revenue can be regarded as one measure of the degree to which the government controls the economy&#39;s resources.</div>
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	Taxes collected from both direct tax and indirect tax are the government&rsquo;s tax revenue. It includes collections from income tax, corporation tax, customs, wealth tax, tax on land revenue, etc.</div>
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	Direct tax is the tax that is paid directly to the government by the person or company on whom it is levied. Income tax, wealth tax, corporation tax and property tax are some examples of direct tax. Indirect taxes are those that are collected by intermediaries from individuals and corporations who bear the burden of the tax and passed on to the government. Goods and Services Tax (GST) is an example of indirect tax. Corporation tax forms a large chunk of the government&rsquo;s tax revenue.</div>
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Learn what is Tax revenue, Tax revenue Definition, Tax revenue News and more here at Business Standard.

What is Tax revenue, Tax revenue Definition, Tax revenue News

Tax Revenue

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	Government revenue refers to all the income of the government from taxes and non-tax sources. These funds are used for government expenditure. Government revenues and spending are an important part of fiscal policy of the government.</div>
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	Revenue refers to all the receipts of the government from taxes, custom duties, revenue from state-owned enterprises, capital revenues and foreign aid.</div>
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	<strong>Revenue is generated from mainly two types of sources:</strong></div>
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	<strong>Tax revenue</strong>: Taxes on incomes of individuals and corporations and also on the goods and services produced.</div>
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	<strong>Non-tax revenue:</strong> Dividends from state-run companies, central bank revenue and capital receipts in the form of external loans and debts from international financial institutions.</div>
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	India&rsquo;s total revenue in the April-November quarter of FY20 increased 12.9 per cent to Rs 10.12 trillion. It was 8.97 trillion in the same period in FY19.</div>
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	Government revenues averaged Rs 3.09 trillion from 1997 until 2019, touching an all-time high of Rs 16.66 trillion in March 2019.</div>
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Learn What is Revenue, Revenue Definition, Revenue News and more here at Business Standard.

What is Revenue, Revenue Definition, Revenue News

Revenue

Overseas institutions are also a better bet for Adani. Tapping Indian banks, especially state-run lenders, would be a tad cheaper, but might invite greater political scrutiny ahead of general election

Adani, Adani Group

Adani Group on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters.
A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group, according to an official communiqu from the discom seen by PTI.
The diversified group, which has a sizeable presence in the power sector and had recently won a Rs 1,000 crore contract to install smart meters in the area serviced by BEST Undertaking in Mumbai, will act as an advanced metering infrastructure service provider for smart prepaid metering in MSEDCL, it said.
The two zones awarded to Adani include Bhandup, Kalyan and Konkan having 63.44 lakh meters, and Baramati and Pune having 52.45 lakh meters, it said.
Letter of Awards have been issued to the successful firms, as per the communiqu.
Officials from Adani Group were not immediately available for comment.
The group's transmiss

Closing Bell on Thursday, September 21: The broad-based selling was led by public sector banks with the Nifty PSU Bank index sliding 2.3 per cent

bear market, sensex, nifty, loss, growth, investment

Tensions have been high since Canadian PM Trudeau on Monday alleged that the Indian government was behind the fatal shooting of Hardeep Singh Nijjar

visa, Canada

Catch all the latest updates from across the globe here

Manipur

Here is the best of Business Standard's opinion pieces for today

Democracy

Canada said it was expelling a top Indian diplomat Monday as it investigates what Prime Minister Justin Trudeau called credible allegations that India's government may have had links to the assassination in Canada of a Sikh activist.
Trudeau said in Parliament that Canadian intelligence agencies have been looking into the allegations after Sikh leader Hardeep Singh Nijjar, a strong supporter of an independent Sikh homeland known as Khalistan, was gunned down on June 18 outside a Sikh cultural centre in Surrey, British Columbia.
Trudeau told Parliament that he brought up the slaying with Indian Prime Minister Narendra Modi at the G-20 last week, that he told Modi that any Indian government involvement would be unacceptable and that he asked for cooperation in the investigation.
Canadian Foreign Minister Mlanie Joly said the head of Indian intelligence in Canada has been expelled as a consequence. "If proven true this would be a great violation of our sovereignty and of the most basic

Hardeep Singh Nijjar

No injury or loss of life was reported in the incident, Srinagar Police informed further, adding that the terrorist fled the spot after opening fire at the CRPF vehicle

Gun shooting, mass shooting

Delhi government has targeted to raise the number of registered construction workers in the city to 15 lakh this year and increase spending on various welfare schemes for them by 20 times, officials said on Monday.
The move comes in the wake of Chief Minister Arvind Kejriwal earlier this year expressing dissatisfaction over less number of registration of workers and emphasising to increase it further.
As per official data, the number of registered workers was 13 lakh by end of 2022-23.
The Delhi government will also raise spending on welfare schemes meant for construction workers to Rs 246 crore this year, up from 12.66 crore last year, officials said.
Last year over 4,500 applications were received from registered construction workers for various welfare schemes run by Delhi Building and Other Construction Workers Welfare Board.
Out of which, just over 2,000 were processed for benefits of different schemes with an expenditure of Rs 12.66 crore, a labour department officer said.


Highway labourer at par with construction worker after new wage norms

Nijjar, who was wanted in India, was gunned down outside a gurdwara, in a parking area in Canada's Surrey, BC on June 18

Justin Trudeau

The government introduced the Women's Reservation Bill in the Parliament almost three decades after it was first drafted

Parliament

The fiscal burden of states will increase over time

pensions, funds, retirement, investments, investors, savings

Former RBI Governor Bimal Jalan said it is better if the person's expertise is considered than whether he/she is a bureaucrat or a private sector executive

TRAI

Prime Minister Narendra Modi begins Whatsapp Channel following conclusion of the first day in the new parliament building

PM Modi on Whatsapp Channels (Photo: Whatsapp)

Canada identifies expelled Indian diplomat as RAW station chief in Ottawa, sources say Canadian diplomat expelled from Delhi is intelligence officer

Prime Minister Narendra Modi with Canadian Prime Minister Justin Trudeau

More than 10 people were injured when Manipur security forces fired tear gas shells on protesters for trying to storm police stations and court arrest demanding the unconditional release of the five arrested youths on Thursday.
As a precautionary measure, the state government cancelled curfew relaxations in the twin districts of Imphal from 5pm, officials said.
Responding to a call by six local clubs and Meira Paibis demanding the release of the five village volunteers, hundreds of protesters holding placards and shouting slogans tried to enter the Porompat police station in Imphal East and Singjamei police station and Kwakeithel police outpost in Imphal West district.
However, police and RAF personnel deployed at strategic positions fired several rounds of tear gas shells to disperse the crowd.
A protester, identified as Th Bimola at Porompat said, "We were left with no option but to court arrest as the government failed to release the five village volunteers. If such village ...

The Information and Broadcasting Ministry on Thursday advised TV news channels to refrain from giving platform to those belonging to proscribed organisations or facing charges of terrorism and serious crimes.
In an advisory to all private satellite TV channels, the ministry said it has come to its notice that "a person" in a foreign country who faces serious cases of crime including terrorism was invited for a discussion on a television channel.
During the discussion, the person made several remarks detrimental to the sovereignty and integrity of India, its security and friendly relations with a foreign state, the ministry said, without naming the person or the news channel.
The remarks of the person also had the potential of disturbing public order in the country, the ministry added.
While the government upholds media freedom and respects its rights under the Constitution, the content telecast by the TV channels must adhere to the provisions of the Cable Television Networks ...

TRP, tv news channels, viewership, media, entertainment, OTT

In a step towards enhancing last-mile connectivity with public transportation, Delhi govt has invited proposals for the deployment of 3,000 high-speed e-scooters, low-speed e-scooters, and e-cycles

Fire-safety norms for Li-ion battery could push up e-scooter prices by 10%

electric scooters, e-scooters, EV, Electric vehicles

DLF's rental arm DCCDL has raised Rs 1,100 crore through issuance of non-convertible debentures on a private placement basis.
In a regulatory filing on Thursday, DLF informed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allotment of debentures.
DCCDL said that the securities allotment committee of the Board of Directors has approved the allotment of 1,10,000 senior, listed, rated, secured, redeemable, transferable, rupee-denominated NCDs (Non Convertible Debentures) of the face value of 1 lakh each on a private placement basis to eligible investor(s).
The size of the issue is Rs 1,100 crore. These NCDs will be listed on the BSE. The coupon rate is 8.25 per cent per annum. The maturity is August 17, 2033.
DCCDL is a joint venture between DLF and Singapore sovereign wealth fund GIC.
DLF holds a 66.67 per cent stake while the GIC has a 33.33 per cent stake in the DCCDL.
DLF holds the bulk of its rental assets (offices and shopping malls) through DCCDL.  DCCD

More than five lakh Ayushman Bharat beneficiary cards have been made in just four days since the launch of the Ayushman Bhav campaign, Union Health Secretary Sudhansh Pant said on Thursday.
He further said that more than 20 lakh ABHA IDs have been generated while footfall of more than 20 lakh have been registered at the Ayushman Bharat-Health and Wellness Centres and Community Health Centres for availing free treatment and screening services, he said.
The Ayushman Bhav campaign, launched on September 14 by President Droupadi Murmu, is a comprehensive nationwide healthcare initiative that aims to provide saturation coverage of healthcare services in every village and town in the country.
It is being implemented during the 'Seva Pakhwada' (fortnight of service) which began on Prime Minister Narendra Modi's birthday on September 17 and will continue till October 2.
The three components of the Ayushman Bhav campaign -- Ayushman - Apke Dwar 3.0, Ayushman Melas at Health and Wellness ...

This revised health benefit package is expected to be rolled out from November this year, the health ministry said

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Manipur violence: Mobs try to storm police stations, curfew reimposed

Don't give platform to those charged with serious crimes: Govt to channels

Delhi govt paves way for sustainable last-mile connectivity, invites bid

DLF's rental arm DCCDL raises Rs 1,100 cr through issue of debentures

'Over 500,000 beneficiary cards made in 4 days of Ayushman Bhav campaign'

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Here's why Adani's grip on banks is tighter than his hold on markets

Adani Group bags Rs 13,888 cr worth contracts for smart meter installation

Sensex down 571 pts, Nifty below 19,750 on hawkish Fed, Indo-Canada tension

India suspends visa services for Canadians indefinitely as tension rise

LIVE updates: Curfew reimposed in Manipur's Imphal valley, say officials