7th CPC and Central Government finances
There are various reports in the media about the impact of the 7th CPC recommendations on the common man and the government resources at large, the reports suggest that the Government may postpone the 7th CPC implementation also till its finances are set right.
These reports are totally wrong.
A) Let us examine the Revenue Secretary Shri Hasmukh Adhia statements which are also published in the news papers.
“So far, 1.8 crore refunds for assessment year 2015-16 have been processed, he said. In the past, refunds have been held up for years as the government sought to show healthier finances.”
“Data released by the government showed that over Rs 5 lakh crore was locked up in tax disputes at various levels, with some of the cases going back over 10 years. In value terms, over half the cases related to income tax with 30% of the cases involving corporation tax.”
B) The crude oil prices has come down from 140$ to just 30$ a barrel in last year thus the Central Government finances have improved a lot.
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