Budget 2018 allocation for corporate affairs ministry hiked to Rs 564 cr

Budget 2018: The budgetary allocation for the corporate affairs ministry has been increased by little over 8 per cent to Rs 564.15 crore for the next fiscal. For 2017-18 period, the allocation was at Rs 520.84 crore. According to a document of the Budget for 2018-19, the allocation has been significantly hiked.

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Budget 2018: The budgetary allocation for the corporate affairs ministry has been increased by little over 8 per cent to Rs 564.15 crore for the next fiscal. (Image: Reuters)

Budget 2018: The budgetary allocation for the corporate affairs ministry has been increased by little over 8 per cent to Rs 564.15 crore for the next fiscal. For the 2017-18 period, the allocation was at Rs 520.84 crore. According to a document of the Budget for 2018-19, the allocation has been significantly hiked for “Regional Directors, Official Liquidators and Other Expenditure with reference to various bodies under Companies Act”. In the next fiscal, this category would be getting Rs 177.54 crore compared to Rs 116.20 crore this financial year. Regional directors supervise, advise and guide the offices of the Registrars of Companies and official liquidators under their respective jurisdiction.

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Other expenditures include those pertaining to the offices of Serious Fraud Investigation Office (SFIO), National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), Competition Appellate Tribunal (COMPAT), National Financial Reporting Authority (NFRA) and National Financial Reporting Appellate Authority (NFRAA), the document said.

Also Read: Budget 2018: FM Jaitley announces corporate tax cut to 25% for turnover up to Rs 250 crore

Also read: Know how Arun Jaitley’s Budget 2018 will impact your tax liability with this Income Tax Calculator

Competition Commission of India (CCI), which comes under the ministry, would be receiving a higher allocation of Rs 133 crore in 2018-19. In the comparable period, the same was at Rs 126.95 crore. The allocation for the Insolvency and Bankruptcy Board of India (IBBI) is almost unchanged at Rs 11.07 crore for the next financial year.

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