Millennium Post

Govt seeks Par nod to spend Rs 85,315 cr more this fiscal

Govt seeks Par nod to spend Rs 85,315 cr more this fiscal
New Delhi: The government on Thursday sought Parliament nod for additional cash spending of INR 85,315.30 crore in the current fiscal, of which 70 per cent is earmarked to compensate states for revenue loss on account of GST roll out.
Minister of State for Parliamentary Affairs Arjun Ram Meghwal moved the fourth batch of Supplementary Demands for Grants for 2017-18 in the Lok Sabha.
Approval of Parliament is sought to authorise gross additional expenditure of over INR 9.06 lakh crore, part of which would be matched by savings by various ministries, the document said.
"Of this, the proposals involving net cash outgo aggregating to INR 85,315.30 crore and gross additional expenditure, matched by savings of the ministries/departments or by enhanced receipts or recoveries aggregates to over INR 8.21 lakh crore," it said.
A bulk of the net cash outgo would be spent to compensate states on account of revenue loss suffered due to implementation of GST as well as for phasing out of Central Sales Tax (CST).
A total of INR 61,215.58 crore, which is about 71 per cent of INR 85,315 crore, has been earmarked for the Department of Revenue.
This includes INR 58,999 crore to be paid for revenue
loss to states and INR 1,384 crore to be paid as CST compensation.
Another major spending head is INR 15,065.65 crore towards grants in aid and creation of capital assets under various schemes.
As much as INR 9,260 crore would be spent for paying defence pensions, and INR 5,721.90 crore for meeting expenditure towards interest payment on market loans and treasury bills.

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