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Financial Relations Between Union and States

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Syskool
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Financial Relations Between Union and States

Indian possesses a federal structure in which a clear distinction is made between the union and states function and sources of revenue. Our Constitution provides residual power to the Center. Article 264 and 293 explain the financial relations between the Union and States Government.

Although the states have been assigned certain taxes which are levied and collected by them, they also share in the revenue of certain union taxes which are levied and collected by the Central Government but whole proceeds are transferred to the states.
The Constitution makes a clear division of fiscal powers between the Center and the State Governments.
A. The List I of Seventh Schedule of Indian Constitution enlists the union taxes which are as follows:
 1. Taxes on income other than agricultural income
2. Corporation tax
3. Custom duties
4. Excise duties except on alcoholic liquor and narcotics not obtained in medical or toilet preparation.
5. Estate and succession duties other than on agricultural land of individuals and companies.
6. Taxes on the capital value of assets except the agricultural land of individuals and companies.
7. The rate of stamp duties on financial documents.
8. Taxes other than stamp duties on the transaction of stock exchanges and future markets.
9. Taxes on sales or purchase of newspapers and on advertisement therein.
10.Taxes on railway freight and fares.Terminal taxes on goods or passengers carrier by railways, sea or air.
11. Terminal taxes on goods or passengers carrier by railways, sea or air.
12. Taxes on sale or purchase of goods in the course of inter-state trade.
(B) List II of Seventh Schedule enlists the taxes which are within the jurisdiction of the states:
 1. Land revenue
2. Taxes on the sale and purchase of goods, except newspapers
3. Taxes on agricultural income
4. Taxes on land and buildings
5. Succession and estate duties on agricultural land
6. Exercise on alcoholic liquors and narcotics
7. Taxes on the entry of goods into a local area
8. Taxes on the consumption and sale of electricity
9. Taxes on mineral rights (subject to any limitations imposed by the parliament)
10. Taxes on vehicles, animals, and boats
11. Stamp duties except those on financial documents
12. Taxes on good and passengers carried by bond or inland waterways
13. Taxes on luxuries including entertainment, betting, and gambling
14. Tolls
15. Taxes on professions, trades, callings, and employment
16. Capitation taxation
17.Taxes on advertisements other than those contained in newspapers
(C) Apart from taxes levied and collected by states, the constitution has provided for the revenue of certain taxes on the union list to be allotted, partly or wholly to the state. These provisions fall into various catagories:
 1. Duties which are levied by the union government but are collected and appropriated by the states. These                   includes stamp duties, excise duties on medical preparations containing alcohol and narcotics.
2. Taxes which are levied and colleted by the union, but the entire proceeds of which are assigned to the States, in            the proportion determined by the Parliament. These taxes include:
1.  i) Succession and Estate duty.
     ii) Terminal taxes on goods and passengers
     iii) Taxes on railway freight and fares
     iv) Taxes on transactions in stock exchanges and future markets
     v) Taxes on sale and purchase of newspapers and advertisement therein.
2. Central taxes on income and union excise duties are levied and collected by the union but are shared by it with the      states in a prescribed manner.
3. Proceeds of additional excise duty on mill made textile, sugar, and tobacco which are levied by the union since              1957  in replacement of state sales taxes on these commodities, are wholly distributed among the states in a                  manner as  to guarantee their former incomes from the displaced sales taxes.
Also, Read: 

What are MDGs? What is India’s progress on the same?

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Syskool
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What are MDGs? What is India’s progress on the same?

Millennium Development Goals (MDGs) are eight international development goals that all 193 United Nations member states and at least 23 international organizations have agreed to achieve by the year 2015. They include eradicating extreme poverty, reducing child mortality rates, fighting disease epidemics such as AIDS, and developing a global partnership for development.

India have recorded the sharpest decline in poverty figures in the Asian region with poverty rate projected to fall from 51 per cent in 1990 to about 22 per cent in 2015 – on track to cut poverty in half by the millennium development goals (MDGs) target

The latest figures of the Sample Registration System (SRS), released by the office of the Registrar General of India suggest that the undivided Bihar, Madhya Pradesh, Uttar Pradesh, and Assam still lagged behind in improving their respective MMR, IMR and TFR figures despite being high focus States where the bulk of Centre’s attention and funds are directed.

South India is way ahead in achieving the millennium development goal (MDG) targets for maternal mortality ratio, infant mortality rate and the total fertility rate.

* India and China have recorded the sharpest decline in poverty figures in the Asian region.*

for india—- UNMDG targets for mmr, tfr, imr,and under 5 mortality rate are 109, 1.7, 28 , 42respectively and india is far behind to acheive them by 2015 as mmr is 212 ,tfr is 2.6, imr is 50 and under 5 mortality rate is 64 in india at latest data…………………. ***imr-infant mortality rate, tfr-total fertility rate, MMR – maternal mortality rate

UNMDG are 8 goals with 21 targets and 60 indicators to be achieved by 2015 set up in 1990
Indian programs for the achievement of MDG areas:
‎1. poverty eradication- MGNREGA
2. achieving universal primary education- right to education
3. promoting gender equality- women’s reservation bill, 50% in PRI, etc
4.reducing child mortality-NRHM
5.improving maternal health-NRHM
6.combating HIV and AIDS- national aids control program
7.ensuring environmental sustainability-env policy
8.eradication of hunger-national food security act

What are the objectives of Monetary Policy

By
Syskool
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Objectives of Monetary Policy

The objectives of Monetary Policy are as follows:

1. Maintain price stability.
2. The flow of credit to d productive sectors of the economy.
3. Stability.
4. The national income.
5. Growth in employment & income.

Read Also: 

Monetary Policy

GDP Growth During Five Years Plans

Balance of payment on current and capital accounts

By
Syskool
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Balance of payment on current and capital account:

Balance of Payment on Current Account

Money sent and received on Export/Import in goods and services goes here.

Since the money we spend importing crude oil, it is quite larger than the money we make while exporting stuff.

So for India, Import >> Export

So Money going >> Money coming in making us DEFICIT in Current Account

In short money inflow and outflow via import-export is classified in Current Account

Balance of Payment on Capital Account

NRIs sending money from Dubai and America (Remittance from abroad)

Loans taken from IMF, World Bank

Tata buys British Company, some Japanese company buys Indian company…, that kind of money is also counted in here.

ONGC buys some oil reserve in Russia, some French company buys thorium mine in India, that kind of money is also counted here (rights over natural resources)

In short investment and borrowing goes here in Capital Account

Sustainable Development Goals

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Syskool
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sustainable development goals

 

Over the last decades, the economic growth has taken place resulting in pulling out about 660 million people from poverty and lifting the income levels of a million more people, but costing the environment and the poor communities in return. Through various ways of institutional failures, policies and markets, the natural resource of Earth has been exhausted in ways that result in economic wastage and inefficiency without the value of real costs of the depletion. Sustainable development is to recognize the growth of both inclusive and natural benefit and hence reduce poverty and building prosperity for the years to come along with efficient planning delivering both immediate and long-term results in the favour of the planet and the people.

The Sustainable Development Goals, also known as global goals, are calls to the universe for some action to be taken to ensure prosperity and peace, protect the Mother Earth and cease poverty. The Millennium Development Goals has 17 goals built to succeed that also include new regions like justice and peace, sustainable consumption, innovation, economic inequality and climate change over which these are priorities. Since the goals are interconnected to each other, the key to succeed is to tackle one or more problems at a time that are somehow common or related to each other so as to achieve success.

The Sustainable Development Goals work so as to achieve the spirit of pragmatism and partnership so as to improve life now by making the right choices with sustainability to ensure benefit to the following generations. It also provides with clear targets and guidelines for the countries part of it to adopt in accordance to their respective priorities and the whole scale environmental issues and challenges of the world. The Sustainable Development Goals usually are inclusive of using agenda propaganda to tackle the root causes of challenges including poverty so as to unite all together making optimistic changes for both the planet and the people.

The Sustainable Development Goals were in action by January 2016 that will continue to be guided by the United Nations Development Programme and funded for the following 15 years. The UNDP is such placed to efficiently implement the Sustainable Development Goals through various works across the globe including about 170 territories and countries. Civil societies, businesses and governments along with the United Nations have initiated efforts to mobilize and succeed the Sustainable Development Goals Agenda by 2030. Indivisible and inclusive, this universal agenda calls to action for improvising lives of people globally. In 2015, the 2030 Agenda for Sustainable Development along with its 17Sustainable Development Goals was adopted by countries. In 2016, Paris Agreement for climatic change was included to address the need of limiting the rise in global temperatures.

Though the Sustainable Development Goals are not legally binding, the countries that are part of it are expected to establish and take the responsibility for providing with a national framework so as to achieve its goals. The implementation of the goals and their success rely on the programmes, plans and sustainable development policies of the respective countries. Also, the countries are responsible for the review and follow-up at the global, national and regional levels in consideration to its progress made with respect to the implementation and targets set. The actions taken at national level require progress that has to be monitored with quality, timely and accessible data collection and regional follow-upalong with reviews. The 17 Sustainable Development Goals have 169 targets and hence are broader in scope, which go further in addressing the main causes of poverty and the universal necessity for work and development of all people. The goals are to cover the three dimensions of sustainable development which are environmental protection, social inclusion and economic growth.

The main goal is to strengthen the capabilities of people and provide them with opportunities so as to reduce poverty and marginalisation and hence focusing on the most excluded and vulnerable population communities and making sustainable ways for environmental, social and economical standpoints.

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