Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: empanelment :: form 3cd :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: cpt
General »
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
 Income tax department warns people to keep away from benami transactions
 New helpline for income tax e-filing
 The Central Government notifies the Companies (Amendment) Act, 2017
 GST Returns: Government Relaxes Rectification Norms
 Will govt bring change in income tax slab? here's the present structure
 No income tax exemption to cooperative banks
 Bitcoin investors may have to pay capital gains tax
 What industry expected when Modi government implemented GST
  The Finance Resolution And Deposit Insurance Bill, 2017
 Government sets aside Rs 10,000-cr tax demand on tech companies

All eyes are on GST as Centre plans higher social pension
September, 06th 2017

The government has readied a draft proposal to increase the quantum of the three key "social pensions" but all eyes are on the state of revenues post-GST, with the revamp now hinging on whether the Centre will have resources to fund the revision.

According to estimates, restructuring the 'National Social Assistance Programme (NSAP)' — old-age pension, widow pension and disability pension — will incur an additional expenditure of Rs 10,000-12,000 crore over the present annual budget of Rs 9,500 crore.

While the rural development ministry has worked out the proposal, it is learnt that it will be put to the Expenditure Finance Committee only when the picture becomes clear on the availability of funds.
"GST will be the main factor in deciding the fate of the proposal. If the funds are available, we are ready," a source said.

According to observers, revenue collections in the first quarter far exceeded the Centre's expectations, raising hope that funds may not be a hurdle in the way of such revisions. The Sumit Bose committee had recommended that the government link pensions under NSAP, given to BPL households, to the consumer price index and reduce the eligibility age for widow pension from 40 years to 18 years.

While accepting these recommendations, the ministry may also seek to absorb the increased outgo on pensions by restructuring the funding pattern.

Against the present arrangement of bearing the total cost alone, the Centre may ask states to foot 40% of the bill. Crucially, the extent of coverage is still to be finalised, possibly in view of the uncertainty over resources.

India honours its teachers, VP Venkaiah Naidu calls them 'bhagya vidhatas'
While the expert panel said pensions should be extended to all households except those "automatically excluded" under the 'socio-economic caste census' — the measure of deprivation levels — the rural development ministry is learnt to have kept it open whether to limit its schemes to families with "one deprivation" or "two deprivations".

As per the preliminary proposal, the ministry may raise the old-age pension from Rs 200 to Rs 500, of which the Centre will pay Rs 300 and states Rs 200.

While the pension covers 3.5 crore households, extending it to those with "one deprivation" will spread the net to 8.72 crore households and extending it to those with "two deprivations" will spread it to 5.5 crore households. The ministry favours instituting widow pension for those aged 18-39 years while agreeing to pay a one-time grant for remarriage. On disability, the ministry is ready to change the eligibility criteria from 18 years to the person's date of birth, and from 80% disability to 40% disability. The pension too is to be raised from Rs 300 to Rs 500. According to estimates, the Centre will need around Rs 22,000 crore to fund the revamped pensions. Introduction of state's share of 40% will bring in Rs 10,000 crore and considerably ease the Centre's burden.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions