The CAG has pulled up the union government for adopting an erroneous process of devolution of IGST to states and short-transfer of cesses to reserve funds, which resulted in under-reporting of deficit figures for the 2017-18 and 2018-19 fiscals. The Integrated Goods and Services Tax (IGST), which is levied on inter-state sale of goods and services, is shared between the Centre and states in the 50:50 ratio. In its report on the union government accounts tabled in Parliament, the Comptroller and Auditor General of India (CAG) found that a sum of Rs 13,944 crore was left unapportioned and retained in the Consolidated Fund of India (CFI) in 2018-19, even though the amended IGST Act now provides for a process for ad-hoc apportionment of IGST.
The affidavit was filed in response to a petition seeking a direction to declare the PM CARES Fund a 'State' under the Constitution to ensure transparency in its functioning.
More than 60 per cent of shareholders of edutech Byju's on Friday voted for removal of founder CEO Byju Raveendran and his family over alleged "mismanagement and failures" at what was once India's hottest tech startup, but the company dug in its heels, calling the voting done in the absence of founders as "invalid". Prosus - one of the six investors who had called the extraordinary general meeting (EGM) - in a statement said "shareholders unanimously passed all resolutions put forward for vote.
A lot depends upon the crucial decision-making skills of the management. If you have any doubts about the management then you always have the choice of selling your shares or not buying stocks of those companies at all.
Observing that the issue concerning the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) is 'not so simple' the high court asked the Centre to file a 'detailed and exhaustive' response in the matter.
'The CM kept his cool, but his adviser was liberal with filthy language.' Tamal Bandyopadhyay recreates the diary of a general manager in a public sector bank, providing a glimpse of how they balance their work and life.
The Congress leader is also being probed by ED in two separate money-laundering cases of Aircel-Maxis and INX Media.
Gautam Adani's alleged proximity to Narendra Modi may dent the latter's self-styled image of incorruptibility, points out Kanika Datta.
The IT-BT minister claimed that the then BJP government did not merely charge a '40 per cent commission', as his party had claimed during the assembly election, but had collected a commission of more than 400 per cent.
Prime Minister Narendra Modi on Friday received Bhutan's highest civilian award, the 'Order of the Druk Gyalpo', making him the first foreign Head of the Government to receive the honour.
The fall in the ratio of customs and excise duty collection to GDP has resulted in an overall decline of tax-GDP ratio from an average of 9.32 per cent during the 8th Plan
'AI may perform tasks, but deep expertise and specialisation remain uniquely human.'
The minister also said that four cases of corruption in defence deals have been registered by the CBI since 2015.
A special audit will look into any pricing anomalies in the transactions between the two, according to a source. FTIL had a contract for helping the exchange with its technology needs.
The Congress declared Rs 526 crore as income from unknown sources which is 15.57 per cent of the total income of the national parties from unknown sources, the ADR said.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
Many federations and former athletes alike have been calling for an anti-doping legislation to implement the existing rules.
The Delhi high court on Friday advanced to December 10 the hearing on pleas to declare the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund a 'State' under the Constitution and a 'public authority' under the Right to Information Act to ensure transparency in its functioning.
Vinod Rai, former Comptroller and Auditor General of India, former India women's captain Diana Edulji and banker Vikram Limaye were present at the meeting held at the IDFC Bank's premises in suburban Bandra-Kurla Complex.
The government on Thursday tabled the Digital Personal Data Protection Bill 2023 in the Lok Sabha with an aim to protect the privacy of Indian citizens, while proposing a penalty of up to Rs 250 crore on entities for misusing or failing to protect digital data of individuals.
The only reason for the new deal is to give Rs 30,000 crore to industrialist Anil Ambani, the Congress chief alleged.
A Congress minister has defended the former Ghulam Nabi Azad-led Congress government in Jammu and Kashmir in the wake of the Comptroller and Auditor General's disclosure that it framed rules in violation of the Roshni Act under a Rs 25,000 crore land-transfer scam.
Supplementary provisions exceeded the original provision by as much as 239,900 per cent in 2014-15.
In its report tabled in Parliament, the national auditor said the Dassault Aviation and the MBDA proposed in September 2015 to discharge 30 per cent of their offset obligations by offering high technology to the Defence Research and Development Organisation (DRDO), but the two firms are yet to do it.
India's winning streak in elections to UN bodies demonstrates it is time for the country to become a permanent member of the Security Council and those who doubt this can no longer behave like "ostriches in sand", the Indian envoy to the world body has said.
The solicitor general said that the PM CARES Fund is a 'voluntary fund'. "It is a public trust. It is a body where you can make voluntary contributions and no budgetary allocations to the NDRF or SDRF are being touched. What has to be spent will be spent," the law officer said.
The shift to a shorter T+3 settlement cycle for initial public offerings (IPOs) will be a big test of the domestic market structure, requiring players in the ecosystem to work harder to meet the squeezed timelines, according to industry insiders. The Securities and Exchange Board of India (Sebi), has announced that the transition to the T+3 cycle will be voluntary starting next month and mandatory from December 1. The new mechanism will necessitate quicker confirmations from banks and speedy verification of permanent account numbers (PANs) for all applicants.
The PM CARES Fund is not a Government of India fund and the amount collected by it does not go to the Consolidated Fund of India, the Delhi High Court has been informed.
Lt Governor says discoms must cooperate or face cancellation of licences. Ficci cries interference.
Missing the deadline for filing Income Tax returns can lead to consequences.
Total outflow and inflow of foreign investment in general for 2014-15 fiscal was $6.42 bn and $75.71 bn, respectively
In a proposal to FinMin, the Banks Board Bureau suggests asset sales to PSUs within a deadline to recover bad loans.
The Comptroller and Auditor General in 2012-13 had made certain observation in a report and 'we are improving it', he said.
DoT though failed to implement TRAI's recommendations to levy spectrum usage charge
Jaitley assured the Lok Sabha amid the ongoing standoff between Indian and Chinese military in the Doklam area.
The government's decision to buy 36 Rafale fighter jets from French company Dassault has become a controversial political issue, with the main opposition party Congress levelling allegations of corruption and impropriety, and the ruling dispensation defending the move.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
Government auditor CAG on Friday pulled up the Income Tax Department (ITD) for allowing irregular tax exemption to two Tata trusts involving tax implication of over Rs 1,000 crore (Rs 10 billion).
Violation of the rules will attract a fine of Rs 4000, the chief minister said.
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