WHAT HAPPENED TO THESE FUNDS?
The government instead of of transferring the entire GST cess amount to the GST compensation fund, retained these funds in the CFI and used it for other purposes, the CAG revealed.
Funds collected by the Centre as cesses for other specific purposes, such as the mineral trust, oil industry development and infrastructure, have also not been fully transferred to dedicated funds, the CAG said, while pointing out deficiencies in the collection, transfer and utilisation of these levies.
In the financial audit of the government accounts for the year 2018-19, tabled in Parliament on Wednesday, 23 September, the government auditor said the issue of short-transfer of cess collected in the CFI for their dedicated accounts has been a recurring problem for many years.
There was short transfer of Rs 1,64,322 crore to various Reserve Funds/Boards from 35 cesses that were…