News Update

World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing SolutionsVoter turnout surpasses 50% by 4 PM in Phase 2 pollsST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HCXI tells Blinken - China, US ought to be partners, not rivalsST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HCCX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HCCus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HCCus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HCCus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HCCus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITATHonda to set up USD 11 bn EV plant in CanadaImran Khan banned from flaying State InstitutionsI-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITATPro-Palestine demonstration spreads across US universities; 100 arrestedI-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITATNATO asks China to stop backing Russia if keen to forge close ties with WestNY top court quashes conviction of Harvey Weinstein in rape case
 
Centre releases Rs 12,351Cr to 18 States for providing grants to rural local bodies

By TIOL News Service

NEW DELHI, JAN 27, 2021: THE Ministry of Finance today released an amount of Rs. 12,351.5 crore to 18 States for providing grants to village, block and district-level Rural Local Bodies (RLBs) to help them restart economic activity.

The grant, the second instalment released in the ongoing financial year, was given to the States who have provided the Utilisation Certificate for the first instalment which was released to all States in June, 2020, and also based on the recommendation of the Ministry of Panchayati Raj.

"Total grant of Rs. 45,738 crore has been released to Rural Local bodies so far in 2020-21," the ministry wrote on Twitter.

The grants to RLBs are released as per the recommendations of the 15th Finance Commission to create community assets and improve financial viability of the RLBs. The grants are provided to all the three tiers of Panchayati Raj - village, block and district, to enable pooling of resources across villages and blocks.

Two types of grants are being disbursed to the RLBs – basic and tied. The basic grants can be used by the local bodies for location-specific felt needs except for salary or other establishment expenditure. The tied grants can be used for the basic services of sanitation and maintenance of Open Defecation Free (ODF) status and for the provision of drinking water supply, rainwater harvesting and water recycling.

Earlier, the first instalment of basic grants to RLBs and arrears of the 14th Finance Commission amounting to Rs. 18,199 crore were released to all the States in June, 2020. Subsequently, the first instalment of tied grants amounting to Rs. 15,187.50 crore was also released to enable RLBs to fight the coronavirus pandemic and restart their economic activities.


POST YOUR COMMENTS
   

TIOL Tube Latest

Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.


Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.