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  1. Centre seeks House nod for Rs 85,315 cr additional spending

Centre seeks House nod for Rs 85,315 cr additional spending

The government on Thursday sought the approval of Parliament for net additional spending of Rs 85,315 crore in the current fiscal, largely to compensate states for revenue loss on account of the roll-out of the goods and service tax (GST).

By: | New Delhi | Updated: March 9, 2018 4:14 AM
additional spending, parliament, centre, economy, gst, gross additional expenditure  The government on Thursday sought the approval of Parliament for net additional spending of Rs 85,315 crore in the current fiscal, largely to compensate states for revenue loss on account of the roll-out of the goods and service tax (GST).

The government on Thursday sought the approval of Parliament for net additional spending of Rs 85,315 crore in the current fiscal, largely to compensate states for revenue loss on account of the roll-out of the goods and service tax (GST). It had sought the Parliament nod for gross additional expenditure of over Rs 9.07 lakh crore in 2017-18, most of which would be matched by savings by various ministries. Bulk of the net cash outgo or Rs 60,500 crore would be used to compensate states and the Union Territories for their revenue loss on account of the roll-out of the GST, while Rs 1,384 crore is to be paid as CST compensation.

Another Rs 1,384 crore would be paid to states as compensation towards the central sales tax. Another major head for which approval has been sought is additional expenditure on defence pension amounting to Rs 9,260 crore. Among others, the government sought approval to spend additional Rs 5,722 crore to meet interest costs and Rs 3,551 crore towards the National Rural Drinking Water Programme and Swachh Bharat Mission.

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