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CAG on GST and PSU stake sale
Why is it in news?
- The Comptroller and Auditor General (CAG) of India has mooted an investigation against the Central government’s accounting officials.
- The accounting officials has incorrectly recorded Rs. 10,250 crore of cess receipts from additional excise duties on petrol and diesel, as non-tax receipts for the exchequer in 2018-19.
Details:
- Cess collections from petrol and diesel are to be routed to the Central Road Fund (CRF).
- CRF was created by the Parliament as a dedicated non-lapsable Reserve Fund to be used only for designated purposes.
- The CRF was replaced with a Central Road and Infrastructure Fund (CRIF) through amendments introduced in the Union Budget for 2018-19.
PSU stake sale:
- The strategic sale of four public sector units to other public sector entities was done in 2018-19 by the Central government.
- According to CAG, such disinvestments only resulted in transfer of resources already with the public sector to the government.
- The stake sale did not lead to any change in the stake of the public sector / government in the disinvested PSU.