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The Dollar Business Bureau Comptroller and Auditor General (CAG) has said that some of the 12 major ports of India, including Kolkata and Mumbai, have lost more than Rs.53.5 crore due to under-recovery or revenue losses. Mumbai Port incurred a loss of Rs.23.10 crore due to failure of revising parking charges, while Kolkata Port witnessed under-recovery of around Rs.13.36 crore, the Government auditor has said in its recent report, which was submitted in the Parliament. “Failure of Mumbai Port Trust (MbPT) to revise parking charges resulted in loss of revenue of Rs.23.10 crore over the past six years on night parking charges alone,” CAG said. The parking charges are fixed under the General Bye-Laws of MbPT and have not been reviewed from a long time, when these were fixed ...

Ranjeet Mahtani and Sweta Rajan The Goods and Service Tax Council met on 18th February, 2017. The agenda primarily was to finalise the draft GST laws. Some of the key points which were expected to be discussed and finalised were: (1) the critical anti-profiteering clause in the draft GST legislations which ensures that the benefit of lower taxes gets shared with consumers (2) the constitution of a 'national goods and services tax appellate tribunal' to adjudicate on disputes (3) the powers of the Comptroller and Auditor General (CAG) for GST audit – for which the CAG had raised a requirement (4) draft GST Compensation Bill – to compensate States for the losses which may arise as a result of transition to GST. However, since some States ...

The Dollar Business Bureau Comptroller and Auditor General of India (CAG) Shashi Kant Sharma said on Friday that there is a need to consider the audit of financial regulators such as the Reserve Bank of India (RBI). “In India, CAG does not audit the RBI, whose auditors are appointed by Central Government under the provisions of the RBI Act; CAG conducts audit of other financial sector regulators like SEBI, IRDA and PFRDA but does not conduct performance audits”, said Sharma at an ASSOCHAM event in New Delhi.  “In the wake of growing cases of financial frauds, this is a thought to consider as to whether, in coming times, our audit should take into account the vulnerabilities and risks India’s ...

Verification of records of six private telecom service providers indicated total understatement of Rs.46,045.75 crore in gross revenue, says CAG Source: PTI The interest on this short/non-payment of licence fee and spectrum usage charge works out to Rs.7,276.33 crore   Government has suffered a loss Rs.12,488.93 crore as six private telecom operators including RCom and Bharti Airtel understated gross revenue by Rs.46,045.75 crore from 2006-07 to 2009-10, CAG said on Friday. The Comptroller and Auditor General of India (CAG) presented its report on sharing of revenue by private telecom service providers (PSPs) in Parliament on Friday. "Verification of records of six PSPs indicated total understatement of Rs.46,045.75 crore in gross revenue (GR), having corresponding impact of Rs.3,752.37 crore on licence fee (LF) and Rs.1,460.23 crore ...

In its latest move, the Union Cabinet has approved thecreation of Indian shareholders of Dubai Port World - Hindustan Ports Private Limited (HPPL) The Dollar Business Bureau Through DPW's Indian arm, the government is hopeful of drawing more private investment into port sector.The Union Cabinet on Friday gave its nod tothe decision that proposed thecreation of an Indian shareholding company to deal with container terminal projects of Dubai Ports World (DPW) in major Indianports. This allows for the creation of an Indian holding company of DPW with unique asset portfolio to operate and manage the terminal operations at the existing major ports subject to certain safeguards...will also help in better coordination and control as the port authorities have to deal with a ...