the goan I network
PANAJI
The finance department's circular issued last year as well as reissued this year, asks that departments submit a monthly expenditure plan (revenue and capital account) as well as a monthly revenue plan so that the finance department can regulate expenditure vis a vis the revenue collections, keeping in mind disbursement of flagship schemes and expenditure on development and capital schemes of the government.
Any expense beyond the monthly expenditure plan will now require the consent of the finance department and will not be approved unless it is properly justified and submitted at least 10 days before the end of the month.
Government spending which has already been reduced on account of poor economic sentiment over the last financial year on account of both demonetization as well as the implementation of the Goods and Services Tax.
The govt has to also bear in mind that it could face an additional revenue shortfall up to ` 200 crore on account of the reduction in Goods and Services Tax on restaurants.
For the last financial year, the state government earned a VAT on food of ` 189-crore. Had the VAT regime continued into this financial year, the state would have received ` 215-crore on account of growth in the industry. However, at the current rate of 2.5% being the state component of GST, the state is projected to earn only ` 43-crore from revenue on food a shortfall of nearly ` 200 crore.
The govt has already received ` 68-crore from the central government as compensation for a revenue shortfall in the post-GST regime and expects to receive another ` 85-crore.
VAT EARNINGS SO FAR
For the last financial year, the state government earned a VAT on food of ` 189-crore
Had the VAT regime continued into this financial year, the state would have received ` 215-crore on account of growth in the industry
At the current rate of 2.5% being the state component of GST, the state is projected to earn only ` 43-crore from revenue on food, a shortfall of nearly ` 200 crore
Salaries on DECEMBER 22
PANAJI: In news that will bring festive cheer to government employees, the Government of Goa will release salaries for the month of December on December 22, the Friday preceding Christmas.
Directions have been sent to all government departments to ensure that the salaries are released and find their way into the employee's accounts before the Christmas weekend.
