AP to introduce web-based financial management system

Andhra Pradesh plans to introduce a comprehensive web-based paperless financial management system from July 1, a senior official announced here today.
The Krishna district has been identified to introduce the system on pilot basis, Andhra Prades government's Principal Finance Secretary P V Ramesh said.
Talking to reporters after discussing the project with district officials here on Wednesday, he said that all government financial transactions, both revenue and expenditure, would be cleared only through this system.
Salaries, other payments to five lakh government employees, retirement benefits as well as pensions, besides all other payments and tax collections would also be brought under this system, which would ensure accuracy, transparency and accountability in financial transactions of all government departments, he said.

Under the system, financial reconciliation statements would be generated automatically which would save as well as manpower to conduct audits.
The system would also provide regular information to the Reserve Bank of India (RBI) on the flow of funds in the Andhra Pradesh government.
He said that the state government had submitted some proposals to the Centre on the Goods and Services Tax (GST) at the finance ministers' meeting at Delhi last week.
"The AP finance minister asked the Centre to compensate the loss to states after implementing GST," he said, adding that the 14th Finance Commission also suggested that the Centre should compensate revenue loss to the state for a period of five years.