FM inaugurates the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) Campus in Bengaluru today

Inaugurating the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) Campus in the Bengaluru today, the Union Finance Minister Shri Arun Jaitley said that Indirect Taxation regime in the country will play a key role and is undergoing a vital change.  He said that the present multiple taxation system is transformed into the Goods and Services Tax (GST) and all the taxes are amalgamated. Speaking further, the Finance Minister said that the new GST regime will come into effect from July 1, 2017. GST is an efficient tax system which not only checks tax evasion but it also help evolving India to become very strong society.

Speaking further on the occasion, the Finance Minister Shri Jaitley said that the new Indirect Tax is a product of federal India. He added that the Centre and the States will jointly administer and decide the taxes.  Coordination between taxation authority of Centre and States is also important. He said that the tax training academy NACIN, which has come-up in Bengaluru to impart training to officers of Central and State Governments and PSUs has to play a vital role.

Participating on the occasion, Smt.Vanaja N. Sarna, Chairperson, CBEC highlighted the contributions of NACIN.  Shri D.P.Nagendra Kumar, Principal Director General, NACIN, gave an overview of the new NACIN Complex.  Shri S.Ramesh, Member (Admn.), CBIC welcomed the dignitaries on this occasion while Shri P. K. Dash, Pr. Additonal Director General, NACIN, proposed vote of thanks.

PIB

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The Union Finance Ministry on Tuesday constituted a five member Fiscal Responsibility and Budget Management (FRBM) panel.

The panel would be headed by former Revenue and Expenditure Secretary and Member of Parliament N K Singh. Former Finance Secretary Sumit bose, Chief Economic Advisor Arvind Subramanian, Director of National Institute of Public Finance and Policy Rathin Roy and Deputy Governor of RBI Urijit Patel will be its members.

The panel will examine fiscal deficit range instead of fixed targets and look into feasibility of fiscal expansion or contraction in relation to credit expansion and contraction.

The FRBM Act deals with matters of fiscal discipline, such as spending and deficit, along with management of macro-economic factors and public funds.

The FRBM committee would submit its report to the government by October 31.

The panel, which was announced by Union Finance Minister Arun Jaitley in his Budget speech, will look into factors that influence the country’s fiscal targets.

ANI

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PRESS INFORMATION BUREAU GOVERNMENT OF INDIA

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DEFENCE ALLOCATION RAISED TO RS 2,29,000 CRORE

CAPITAL OUTLAY FOR DEFENCE MODERNIZATION INCREASED BY RS 5,000 CRORE

New Delhi: July 10, 2014
Ashadha 19,1936

Allocation for defence in this year’s General Budget has been raised to Rs 2,29,000 crore. Presenting the Union Budget in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley also proposed a further sum of Rs 1,000 crore to address the pension disparities while implementing the policy of “one rank one pension” for soldiers.
Emphasizing on the modernization of the armed forces to enable them to play their role effectively in the defence of country’s strategic interests, the Finance Minister also proposed to increase the capital outlay for defence modernization by Rs 5,000 crore over the amount provided for in the interim Budget. This includes a sum of Rs 1,000 crore for accelerating the development of the Railways system in the border areas. He said urgent steps would also be taken to stream line the procurement process to make it speedy and more efficient.

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DSM/Samir/SK

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