Taxation
Finance Commission suggests higher share for states in central taxes

As per the increased devolution suggested by the 14th Finance Commission, states will get a share of Rs3.48 lakh crore in 2014-15 and Rs5.26 lakh crore in 2015-16 in central taxes

 

The Finance Commission has suggested raising share of states, including taxes and grants, in central taxes to 42% from current 32%. 
 
As per the increased devolution suggested in the report of the 14th Finance Commission, the states will get Rs3.48 lakh crore in 2014-15 and Rs5.26 lakh crore in 2015-16.
 
"The higher tax devolution will allow states greater autonomy in financing and designing of schemes as per their needs and requirements," the report tabled by Finance Minister Arun Jaitley in Parliament on Tuesday says.
 
The commission, headed by former Reserve Bank of India governor Y V Reddy, said the states should use this extra fiscal space for productive assets.  
 
The report, however, has a dissenting note from Abhijit Sen, a member of the now defunct Planning Commission. 
 

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COMMENTS

MG Warrier

2 years ago

The rise in the states' share of central taxes is indicative of Centre'sresolve to respect the rights of, and extend a helping hand to, states. This should be followed up with support to states to mobilise resources to meet internal needs.

Maharashtra govt to provide home loans to its employees

To be eligible, an employee from Maharashtra government should have completed five years’ service and should have five more years of service left

 

Maharashtra government has decided to provide home loans ranging from Rs20 lakh to Rs50 lakh to its employees. However, there is no mention of the rate of interest.
 
The decision has been taken considering the rising housing prices in urban areas, and the loan amount would be provided based on the pay grade of the staff, says an official release.
 
The sixth pay commission has already fixed the categories of cities, depending upon the prevailing rates of properties like independent houses, flats and plots, it said.
 
"In cities falling in the 'X' category, the government has offered principal home loan up to Rs50 lakh, while in 'Y' category cities the same will be up to Rs30 lakh. For the remaining areas, it is around Rs20 lakh," the release added.
 
To be eligible, an employee should have completed five years’ service and should have five more years of service left, it said.
 
If both the husband and wife are government employees, then the loan would be available only to one of them, it said.
 
The property to be bought should be in the name of the person who is opting for the government loan facility.
 

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Saradha Scam: ED to attach properties worth Rs500 crore in Malda

The Rs500 crore properties would be in addition to the properties worth Rs1,050 crore which have already been attached by ED

 

The Enforcement Directorate (ED), which is probing the money trail in the Saradha ponzi scam will further attach properties worth Rs500 crore.
 
"We have identified properties for the attachment, which is now under process. The estimated market value of these properties will be Rs500 crore," says an official from ED.
 
He said this would be in addition to the properties worth Rs1,050 crore which have already been attached by ED.
 
These properties, held in the name of Saradha group chief Sudipto Sen, are large pieces of land, including an orchard, at Bishnupur in Malda.
 
Properties held in the names of former union minister Matang Sinh, who is now in jail custody following his arrest by Central Bureau of Investigation (CBI), and painter Shuvoprasanna would also be attached.
 
Claiming that this was a 'big achievement' of ED, the official said the total value of attached properties would cross Rs1,500 crore which was substantial.
 
According to estimates, the total money raised by Saradha Group was about Rs2,500 crore out of which Rs541 crore had been returned to the depositors.
 
"The amount of Rs1,500 crore was a part of the outstanding Rs1,959 crore which was not returned," the ED official said.
 
The attached properties would be put up for auction once the PMLA (Prevention of Money Laundering Act) court gave its direction to do so, he added.
 
CBI is also probing a criminal conspiracy angle of the Saradha scam.
 

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