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India Bills worth Rs 1600 cr pending as Punjab’s Fiscal Woes Worsen

Discussion in 'Breaking News' started by Archived_Member16, Feb 7, 2012.

  1. Archived_Member16

    Archived_Member16
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    Bills worth Rs 1600 cr pending as Punjab’s fiscal woes worsen

    Sarbjit Dhaliwal/TNS

    BAD Economics
    - VAT collections hint at a shortfall of Rs 500 cr this fiscal
    - Only urgent payments being released
    - Govt’s pre-poll sops mean Rs 2,000-cr annual burden

    Chandigarh, February 6
    Punjab is facing a difficult fiscal situation. The state expenditure has outpaced the state revenue. Sources say bills worth Rs 1,600 crore have been lying pending with the state treasury. Only the urgent payments are being made while other bills are being kept pending, they say.

    A shortfall is likely in VAT collection this fiscal year. Till December-end, the VAT collection had touched a figure of Rs 8,500 crore. Compared to last year’s figure of the corresponding period, the increase in the VAT collection by December-end is around 13 per cent. In its budget estimates, the state government had projected a figure of Rs 11,800 crore (about 17.8 per cent increase over the last fiscal figures) as VAT collection by the end of current fiscal year against the last fiscal year’s figure of Rs 10,016.91 crore. However, the current trend in VAT collection hints at a shortfall of around Rs 500 crore by the end of this fiscal year.

    Expecting good revenue receipts, the authorities concerned had cleared various proposals. However, the flow of revenue in the state treasury has not been on the expected lines. This has resulted in pendency of bills. Sources said the Chief Secretary had been briefed about the fiscal situation. He had told the officials concerned to clear the bills as regards supply of medicines to dispensaries and civil hospitals in the state.

    There is likely to be an annual burden of Rs 2,000 crore on the exchequer due to various sops announced by the SAD-BJP government shortly before the Assembly poll. In October and November, the state government had implemented several pending recommendations of the 5th Pay Commission and also announced an instalment of DA.

    Sources said the burden of DA, which was revised from 51 to 58 point, will be to tune of Rs 600-700 crore per annum. The remaining burden of around Rs 1,300 crore will be due to the revision of grades, amendments in pension eligibility norms and removal of anomalies in pay scales etc.

    source:
    http://www.tribuneindia.com/2012/20120207/main2.htm
     
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  3. Kanwaljit Singh

    Kanwaljit Singh India
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    Re: Bills worth Rs 1600 cr pending as Punjab’s fiscal woes worsen

    Maybe the Badal family can pay it off from their HUGE POCKET !
     
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  4. Gyani Jarnail Singh

    Gyani Jarnail Singh Malaysia
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    Re: Bills worth Rs 1600 cr pending as Punjab’s fiscal woes worsen

    and I dont understand why the Sate is made to go into HIBERNATION for nearly two whole months...This forced hibernation is called CHONN ZABTA..or Election Control imposed by the Election Commission. It began on Dec 24 and will end March 10. During this time almost NO WORK or Bill payments salary payments etc can be done as the Govt machinery is in hibernation... Why this couldnt be shortened by having the elections LATER (nearer to march 7 ) is anybodys guess..BUT this act means Punjab is being discriminated again by the Central Admin.
     
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