₹956.16 cr. cut from Kerala's IGST share, says Finance dept.
Finance Minister K.N. Balagopal said here on Wednesday that the Centre slashed IGST shares of all States on the grounds that excess amounts had been credited to them. Under this decision, Kerala's IGST share was reduced by ₹956.16 crore. However, there was a lack of clarity regarding the excess settlements, he said.
Levied on the interstate supply of goods and services, IGST is collected by the Centre. The accounts are settled periodically and the revenue is shared between the Centre and the States. In July 2024, the Kerala Public Expenditure Review Committee had advised the Kerala government to closely monitor IGST inflow as the present system resulted in revenue loss for it.
Talking to reporters here, Mr. Balagopal alleged that the Centre also slashed ₹3,300 crore from the State's borrowing limit in the name of the Guarantee Redemption Fund. The Centre had set a condition that a corpus equivalent to 5% of the government guarantee to financial institutions should be set aside for the fund. Failure to do so would result in a reduction from its borrowing limit equivalent to 0.25% of the GSDP.
The open market borrowing limit of the State for the first nine months of the 2025-26 fiscal (April-December) had been pegged at ₹29,529 crore.
On the charge that Kerala was plunging towards a debt trap, Mr. Balagopal said that the debt-GSDP ratio of the State had in fact witnessed a steady decrease since 2020-21 from 38.47% to 33.9% in 2024-25.
Replying to a question, Mr. Balagopal said formal discussion had not been held yet on the formation of the new pay revision commission.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
CM meets Prez, PM; discusses state development goals
Bhubaneswar: CM Mohan Majhi held separate discussions with President Droupadi Murmu and in New Delhi on Saturday on the state's development initiatives as well as strategies for Odisha's progress. Tired of too many ads? go ad free now After paying a courtesy visit Murmu, the CM posted on X, "We discussed Odisha's development journey, our roadmap for building a prosperous Odisha, and how to further accelerate Odisha's development through effective coordination between the Centre and the state." Majhi also presented a copy of 'Odisha Vision 2036 | 2047' to the president. Earlier, in a meeting with PM Modi, Majhi took up issues regarding various developmental activities in Odisha, future strategies, coordination between the Centre and state, and accelerating the state's overall progress. "The Centre and the state are committed to working together to achieve the goal of a prosperous Odisha and a developed India," Majhi posted on X. He expressed gratitude for the PM's "inspiration and unwavering support" for the state's growth. The chief minister's Delhi visit also included meetings with senior BJP leaders. He held discussions with BJP general secretary Tarun Chugh. On Friday, he met defence minister Rajnath Singh and BJP general secretary (organisation) B L Santhosh. The CM's meetings with senior BJP leaders in the past two days assume significance amid an impending expansion of his council of ministers. State BJP president Manmohan Samal had recently spoke about the upcoming expansion plan. During the meetings, Majhi also presented the recently launched Vision Odisha 2036 and 2047 documents, which were initially unveiled by PM Modi during his visit to Bhubaneswar on June 20 on the occasion of the BJP govt's first anniversary celebrations. Tired of too many ads? go ad free now Political observers said these meetings demonstrated the chief minister's efforts to establish a strong rapport with the central leadership, thereby securing both political and administrative support for Odisha's long-term vision. Furthermore, the re-election of Samal as state BJP president ensured that Majhi would continue to receive the party's complete organisational backing at home.
Time of India
3 hours ago
- Time of India
UNESCO tag for forts sharpens political focus on Marathi pride
New Delhi: UNESCO's inclusion of 'Maratha Military Landscapes' in its World Heritage List has added another layer to the Centre's push for Maratha heritage and identity, coming as Maharashtra heads for crucial local body elections later this year. The recognition of 12 Maratha forts — 11 in Maharashtra and one in Tamil Nadu — follows the Centre's grant of classical language status to Marathi ahead of the 2024 Maharashtra assembly polls, a long-pending demand that became central to the BJP-led alliance's victory, political observers said. The opposition has hit out at what it calls "headline-grabbing cultural optics" designed to mask governance lapses. The cultural thrust was also evident when the Indian Navy dropped the colonial-era St George's Cross in 2022 for an ensign inspired by Chhatrapati Shivaji. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai PM Modi on Saturday described the UNESCO listing as a moment of national pride. "Every Indian is elated with this recognition. These Maratha military landscapes include 12 majestic forts, 11 of which are in Maharashtra and one in Tamil Nadu. When we speak of the glorious Maratha empire, we associate it with good governance, military strength, cultural pride and emphasis on social welfare. The great rulers inspire us with their refusal to bow to any injustice. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo I call upon everyone to go visit these forts and learn about the rich history of the Maratha empire," Modi posted on social media. Earlier, when Modi unveiled the Navy's redesigned ensign in Sept 2022, he had said, "Till now the identity of slavery remained on the flag of Indian Navy. But from today onwards, inspired by Chhatrapati Shivaji, the new Navy flag will fly in the sea and in the sky." BJP's calibrated emphasis on Maratha symbols reflects a larger strategy of cultural nationalism being woven into state politics. By granting Marathi classical language status ahead of the 2024 assembly elections and now amplifying Unesco's recognition of Maratha forts, it has sought to embed itself in the emotive terrain of Maharashtra's regional pride. For BJP, which has historically faced challenges in breaking the Shiv Sena-NCP-Congress stronghold over the "Maratha pride" vote, these gestures are a bid to redraw the political map and secure urban and semi-urban Marathi voters. Yet critics argue such symbolism risks crowding out governance debates on agrarian distress, urban infrastructure gaps and unemployment, issues that resonate in local polls. The classical language status for Marathi, granted in early 2024, had been a longstanding demand from cultural bodies and political groups for over a decade. Earlier govts cited procedural hurdles, but NDA cleared the proposal months before state elections, helping it tap into a potent mix of linguistic pride and historical identity. With civic polls due, heritage and identity are again becoming political battlegrounds.
Time of India
5 hours ago
- Time of India
Jammu and Kashmir cops block Martyrs' Day events at graveyard
File photo: J&K cops SRINAGAR: J&K police has announced that no one will be allowed to visit the graveyard of 'July 13 Martyrs' in Srinagar on Sunday, extending curbs that have been in place since the 2019 abrogation of Article 370. The date is significant in Kashmir's history as 22 people were killed during an uprising against Dogra ruler Maharaja Hari Singh in 1931. Chief minister Omar Abdullah , his father and governing National Conference (NC) president Farooq Abdullah, and former CM Mehbooba Mufti were expected to visit Mazar-e-Shuhada, the martyrs' resting place in Srinagar's Naqshband Sahib and pay floral tributes. Authorities have already placed Hurriyat Conference chairman Mirwaiz Umar Farooq under house arrest. The Omar-led govt does not control police or security, whose reins are in the hands of the Centre-appointed lieutenant governor (LG) Manoj Sinha. 'District administration Srinagar has denied permission to all applicants intending to proceed towards Nowhatta on 13th July, 2025 (Sunday). The general public is advised to strictly comply with these instructions. Any violation shall invite strict legal action,' J&K police said in a statement late Saturday evening. NC reacted sharply to the curbs, with spokesperson Tanvir Sadiq calling them 'deeply unfortunate and fundamentally unjust' on a day of profound historical and emotional significance for people of J&K. 'We urge the administration to reflect on the gravity of this decision. No order can suppress memory. No restriction can erase the truth. The people of Kashmir will continue to honour their martyrs peacefully, with dignity, and with unwavering resolve,' Sadiq said. NC had written to Srinagar's deputy commissioner on Thursday, seeking permission for Farooq's intended visit to the site. Apni Party had made a similar request. Fearing they would be restricted from leaving home on Sunday, PDP functionary and ex-CM Mehbooba's daughter Iltija Mufti visited the graveyard on Saturday. 'I paid tributes to our martyrs who laid down their lives for democracy. Their memory is being wilfully erased. Yet their voices echo in every Kashmiri's heart,' Iltija said. In January 2020, nearly six months after the abrogation of Article 370, UT authorities had dropped July 13 and December 5 from the list of public holidays in J&K. December 5 was observed as the birth anniversary of NC founder Sheikh Mohammad Abdullah. Since then, the authorities have barred official functions on July 13 at Mazar-e-Shuhada, detaining politicians, including former chief ministers, if necessary, to keep them away. Earlier, it was tradition for CMs and top officials to pay tributes and offer a guard of honour at the graveyard. While such restrictions had been clamped in the past few years, many had believed this year might be different as it was the first time since the revocation of J&K's special status under Article 370 that an elected government was in place in the Union territory. Eyes will be peeled on the Omar govt's response to the Sinha-led administration's move on Sunday.
