state governments

The Thirteenth Finance Commission was constituted by the President on 13th November, 2007 to give recommendations on specified aspects of Centre State fiscal relations during 2010 -2015. The Commission has submitted its report covering all aspects of its mandate on 30thDecember, 2009. Full Article

banks have been permitted to make advance remittance without any limit and without bank guarantee or standby letter of Credit, by an importer (other than Public Sector Company or Department / Undertaking of the Government of India /State Governments) , for import of rough diamonds into India from eight mining companies, subject to certain conditions. Full Article

Accounting regulator, the Institute of Chartered Accountants of India (ICAI) has decided to allow officials of the Indian Audits and Accounts Service (IA&AS)—the stream of civil servants who audit state-run companies—acquire the chartered accountancy (CA) qualification in less than the usual time. Officers of IA&AS, a central government service under the government’s statutory auditor the Comptroller and Auditor General of India , will now be able to become qualif.. Full Article

The Law Commission is in favour of amending the country's archaic Indian Stamp Act 1899 and the Court-fees Act 1870, which entail payment of stamp duty on instruments and court-fee on documents to be filed in courts only in the form of adhesive stamps or stamped papers.Taking up the obsolete statutes suo motu for a thorough study, the Law Commission headed by Dr Justice A.R. Lakshmanan in its latest report tabled in Parliament, said in the recent past there have been sca.. Full Article

THE Central Government has sanctioned 116 posts for the Central Information Commission. The Commission has constituted a Committee to assess its staff requirement. The Government shall examine the report of the Committee as and when received. The Commission has been allotted a plot of land in Delhi for construction of a building of the Commission. Full Article

The Committee, inter-alia, recommended broadening of the scope of the Scheme to specifically cover financial inclusion, role of State Governments, financial literacy and credit counselling, 'credit plus' activities, formulation of time bound Development Plans to facilitate 'enablers' and remove /minimise 'impeders' for banking development for inclusive growth and debt settlement and grievance redressal mechanisms. On the basis of recommendations of the Committee and a.. Full Article

The model legislation for the introduction of goods and services tax (GST) will have a provision for registration of individuals and companies which pay the tax.The registration will be done through a uniform PAN-linked business identification number. The Department of Revenue in the Ministry of Finance had recently sent a proposal to state governments for making the 10-digit permanent account number (PAN) the starting point for registering GST payees. Full Article

The Constitutional amendment will be the basis for the new tax regime and will be followed by adoption of separate state and Central GST laws. The last amendment to the Constitution dealing with a financial matter was in 2000, when the Centre was given the power to tax services. The Ministry of Finance was in consultation with the law ministry on drafting of the amendment Bill. Full Article