News Update

Violence in Delhi - HM asks all parties to rise above party linesEESL completes a decade of helping India become energy efficientCBIC hikes tariff value for Gold5 SC judges catch H1N1 flu; Govt scrambles to take preventive stepsGST - Anti-Profiteering - Sanitary Napkins - Order of NAA stayed: HCCX - assessee is eligible to avail Cenvat Credit on group medical insurance policy taken for employees: CESTATCus - Where limitation period for converting drawback shipping bills into DFIA bills is not provided in Customs Act, same cannot be fixed through a Circular - time limit fixed by Circular is only procedural & lacks authority of statutory provision: CESTATST - Consideration is essential pre-requisite for rendering any service - no tax leviable if such element is missing & if business is conducted on principal-to-principal basis: CESTATCharges of concealment of particulars of income or furnishing inaccurate particulars thereof, are not sustainable, if additional income declared by assessee in returns is accepted by AO: ITATDisallowance made u/s 14A r/w Rule 8D is not tenable if quantum of interest-free funds exceed that of investments made: ITATNo enduring benefit arises from raising finances to fund a specialised job - cost incurred thereto is not capital expenditure: ITATACC issues appointment order of 17 Joint Secretaries, including an IRS officerCBDT lists 20 most contended issues - Govt to move SC to club all pending cases and dispose them, says Revenue SecretaryComputing profits from life insurance business, when computed u/s 44 r/w I-T Rules, do not entail an embargo on conducting scrutiny assessment: HCST - RTO charges and extra charges related thereto does not fall under BSS: CESTATChange in accounting method, resulting in disallowance of indirect expenses incurred, is not tantamount to concealing particulars of income - no penalty imposable: HCCX - Statutory return not designed to capture the particular grade/specification of material required for manufacture - For manufacture of automobile axle, 6 mm size of H.R. coil required, however, credit taken on other than 6mm and is rightly denied: CESTATUn-utilised amount received as grant from Government, cannot ipso facto be treated as income of the recipient of such amount: HCCX - Data retrieved from computer hard drive cannot be relied upon as evidence where computer was used by multiple persons & if no certificate u/s 36B of CEA is furnished in its support: CESTATRe-opening of assessment is invalidated if based on material already on record during original assessment proceedings & is tantamount to change of opinion: ITATST - Circular dated 18.05.2017 clarifies that turnover/transaction charges are to be included in gross value when computing service tax liability - penalties imposed are upheld if assessee collects an amount representing service tax, but does not deposit same: CESTATOyo, MakeMyTrip invite CCI eyeballs; Probe orderedFATF puts Mauritius on Grey List, triggers panic among FDI carriersPradhan invites investments, Technology Transfer into Indian Steel SectorShooters can now keep more firearms and ammunitionGST - Anti-Profiteering - Petitions challenging constitutional validity of s.171 of the CGST Act r/w rule 126 of CGST Rules and pending before Bombay HC, P&H HC transferred to Delhi HC (where 20 petitions are pending on subject matter) in the interest of uniform and consistent view on law: SCVseV Scheme - CBDT fixes 100% of disputed tax demand cases as target for officersACC appoints Rohit Yadav, JS, Ministry of Steel, as new JS in PMOTrump praises people of India for upholding democratic values; 1.25 lakh people welcome him at Ahmedabad stadiumCoronaVirus - Death toll soars to about 2600 in China; No of infected cases goes up to 77KGST - An agenda for reforms - Part - 74 -Anti-profiteering - Complaint sans statutory basis
 
Goa has over 62% urban population

By TIOL News Service

NEW DELHI, JAN 24, 2020: THE 15th Finance Commission headed by Chairman, Mr N.K. Singh alongwith its Members and senior officials met today with Chief Minister of Goa, Mr Pramod Sawant alongwith his Cabinet colleagues and senior State Government officials.

The Commission observed that:

Goa has a population of 1.459 million, making it India's fourth smallest State in terms of Population (after Sikkim, Mizoram and Arunachal Pradesh). The population has a growth rate of 8.23% per decade.

There are 394 people for each square kilometer of land which is higher than national average 382 per km 2. Goa is the state with highest proportion of urban population with 62.17% of the population living in urban areas.

Estimates put the migrant, or non-Goan, population at 20% of the population, with a State Government study projecting that by 2021 the migrant community will outnumber the native population.

Goa has the highest GDP per capita among all Indian states, two and a half times that of the country. In 2018-19, per capita NSDP of the State was Rs. 4,67,998 against per capita income of Rs. 1,26,406 for India.

It was ranked the best-placed state by the Eleventh Finance Commission for its infrastructure and ranked on top for the best quality of life in India by the National Commission on Population based on the 12 Indicators.

Goa is also one of the few states in India to achieve 100 percent rural electrification.

In 2018-19, the share of primary, secondary and tertiary sector in GSVA (current prices 2011) of the State was 9.6, 46.3 and 34.3%, respectively.

The State's share in inter-se devolution had risen from 0.26 during 2010-15 (as recommended by FC-XIII) to 0.37 during 2015-20 (as recommended by FC-XIV).

The Commission was appreciative of the fact that:

In 2017-18, the Own Tax Revenue to GSDP of the State was 6.7%, which is sixth highest among all States. Also, the NTR as the percent to GSDP is 4.3 and ORR as a percent to GSDP is 11 which is highest among all the States.

The annual growth rate as a percent to GSDP has been on the higher side when compared to GDP growth rate from 2014-15 onwards.

State Government has witnessed revenue surplus to GSDP in all the years since 2011-12 till 2018-19 except for the years 2012-13 and 2013 -14.

The Per Capita Tax Revenue is 7.34 as a % to the PCI for 2017-18.

The social indicators including literacy rate, decennial growth rate, Total Fertility Rate (TFR), IMR, Birth Rate, Death Rate are well above the national average.

The debt-GSDP ratio of the State was 26.32% in 2017-18, which is well above the average of the all States i.e 25.51 %. The State is ranked at 12th among all the States for the year 2017-18.

Solid waste management and sewage treatment related issues.

Tourism development.

The Finance Commission was concerned about:

In the recent past, Goa has been facing the problem of slower own tax revenue growth. The slowdown in the economy is affecting the revenue potential of the State.  The nominal GSDP growth in Goa has fallen to 8.5 percent in 2015-16 from an average of 12 percent in the last decade.

The State Government may need to make progress towards increasing capital expenditure, eliminating AT&D losses in the power sector, and improving the quality of such expenditure in generating future income streams.

The State Government has been irregular in constitution of State Finance Commission and not implemented recommendations of any two SFCs so far constituted in spite of having 190 Village Panchayats and 14 ULBs.

All the functions mentioned under Eleventh and Twelfth Schedule of the Constitution have not yet been fully devolved to the local bodies.

The Commission desired to know about the natural disaster preparedness of the State.  The Commission also sought information on how the State dealt with the huge tourist arrival (both domestic & international) in Goa each year.

Earlier the Commission had held a meeting with the representatives of the Political Parties of the State of Goa including BJP, INC, AAP, MGP, GFP and CPI. Cutting across party lines, all parties had put forth issues and problems facing Goa currently.

The State Government gave a detailed presentation of the current fiscal situation of Goa and its requirements for funds. The State has submitted a demand for grant of Rs.6333.32 crores in addition to the overall tax devolution.

The Commission has assured to look into all matters and issues, specifically solid waste management, tourism development, etc. before making its recommendations to the Union Government.


POST YOUR COMMENTS