News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
Finance Commission team to visit West Bengal from July 16 to 18

By TIOL News Service

NEW DELHI, JULY 15, 2018: THE Fifteenth Finance Commission will be visiting the state of West Bengal from July 16-18, 2018. The Commission will have meetings with Chief Minister, Ministers and other officials of the state. Detailed presentations will be made on the finances of the State Government. On July 17, before the formal presentations by the State govt officials, Commission will make a courtesy call on Mamata Banerjee. Commission will also visit IT Park in New Town, Kolkata, Madhyamgram Municipality and Kemia Khamarpara Gram Panchayat to understand their working and related issues. Ahead of the visit, Commission understood various aspects of its finances from Accountant General of West Bengal in New Delhi.

In the memorandum submitted to the Commission, West Bengal has mentioned numerous achievements in socio-economic areas. Government has launched numerous schemes for Social Sector development. State has achieved remarkable improvement in Institutional Deliveries from 65% in 2010 to 96% in 2018. MMR and IMR of West Bengal is considerably better than National Average. Total Fertility Rate in the state is 1.6 which is lowest in India. Total 12 states have achieved the replacement level of fertility (2.1). West Bengal stands 1st in terms of enrolment of students and disbursement of scholarships. State has been awarded Krishi Karman award 5 times in a row showing Exceptional Production in Pulses, Rice and Oilseed. West Bengal is ranked 10th amongst the achievers in Ease of Doing Business rankings released recently. Statistical data related to GSDP and related presentations made to the Finance Commission were based on the constant prices of 2004-05. Recent discussion between West Bengal govt and CSSO would make available recent data in due course of time.

However, the State faces numerous challenges in its developmental stride. The fiscal picture in West Bengal is characterised by a high Debt-GSDP ratio and a low own tax revenue-GSDP ratio. West Bengal has consistently had the high outstanding debt over the period FY 2000-01 to 2017-18(BE). The present government has contracted high debt from the previous govt. which has put onerous burden for servicing debt liability on it. It has greatly circumscribed other developmental expenditure. Restructuring of legacy debt is structural issue which would need multipronged and coherent action spread over a longer period. West Bengal’s low ratio of development expenditure to GSDP and Capital Outlay to GSDP need careful consideration. On the brighter side, Social Sector Expenditure to GSDP has been higher than the all state average.


POST YOUR COMMENTS
   

AR not Afar by SK Rahman

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023