News Update

Income tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
MoF okays capital expenditure projects of Rs 2,900 Cr in 8 States

By TIOL News Service

NEW DELHI, SEP 25, 2021: THE Department of Expenditure, Ministry of Finance, has approved capital projects of Rs. 2,903.80 crore in 8 States under the scheme entitled 'Special Assistance to States for Capital Expenditure for 2021-22'. The Ministry has also released an amount of Rs. 1,393.83 crore to these States namely Bihar, Chhattisgarh, Himachal Pradesh, Madhya Pradesh, Maharashtra, Punjab, Sikkim and Telangana.

State-wise amount approved and released is as under;

 (Rs. in crore)

S. No.

State

Amount Approved

Amount Released

1

Bihar

831.00

415.50

2

Chhattisgarh

282.00

141.00

3

Himachal Pradesh

200.00

100.00

4

Madhya Pradesh

649.00

324.50

5

Maharashtra

522.00

249.73

6

P unjab

45.80

22.90

7

Sikkim

200.00

100.00

8

Telangana

174.00

40.20

Total

2903.8 0

1393.83

In view of a higher multiplier effect of capital expenditure and to provide the much needed resources to the State in the wake of 2 nd wave of the COVID-19 pandemic, the scheme 'Special Assistance to States for Capital Expenditure for 2021-22' was launched on 29 th April, 2021. Under the scheme, special assistance is being provided to the State Governments in the form of 50-year interest free loan up to an overall sum not exceeding Rs. 15,000 crore during the financial year 2021-22. The scheme has three Parts:

Part-I: This part of the scheme is for the 8 North East States i.e. Assam, Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland, Sikkim and Tripura, and for the hill States of Uttarakhand and Himachal Pradesh. Under this part, Rs. 200 crore has been allocated each of the 7 North-East States and Rs. 400 crore each has been allocated to the States of Assam, Himachal Pradesh and Uttarakhand.

Part-II: This part of the scheme is for all other States not included in Part-I. An amount of Rs 7,400 crore is allocated for this part. This amount has been allocated amongst these States in proportion to their share of central taxes as per the award of the 15 th Finance Commission for the year 2021-22.

Part-III: This part of the scheme is for providing incentives to State Governments for privatization/disinvestment of the State Public Sector Enterprises (SPSEs) and monetization/recycling of assets.  Under this part, States will be provided additional funds under the scheme over and above their allocation under Part-I or Part-II. An amount of Rs.5,000 crore is allocated for this part of the scheme. For this part, there is no State specific allocation and funds will be provided on "First-come First-served basis"

A similar scheme entitled 'Special Assistance to States for Capital Expenditure for 2020-21' was also launched by the Ministry of Finance in the last financial year. Under the scheme, capital expenditure proposals of Rs. 11,911.79 crore of 27 States were approved by the Department of Expenditure and an amount of Rs. 11,830.29 crore was released to the States in 2020-21.


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