The statement of ‘Cash’ and “Investible Surplus’ is not an accounting
system, and has been discontinued in the Budget 2010-11. Railways will
attempt to completely switch-over to accrual based accounting in consonance
with the accounting standards to be stipulated by the Government Accounting
Standard Advisory Board (GASAB).
Railways pay excise duty, custom duty, Value Added Tax etc. on the materials
and stores purchased, as levied by the Government from time to time. The
‘Dividend’ is paid at a specific rate on the Capital invested by General
Revenues as recommended by Railway Convention Committee from time to time.
The investment of the General Revenues in Railways is treated as loan, in
perpetuity, by the Ministry of Finance.
Imposition of Service Tax on freight on Railways as proposed in the Finance
Bill, 2010 has been deferred till July 3, 2010. No Service Tax on passenger
fare has been proposed.
This information was given by the Minister of State for Railways, Shri K.H.
Muniyappa in a written reply in Lok Sabha today.
system, and has been discontinued in the Budget 2010-11. Railways will
attempt to completely switch-over to accrual based accounting in consonance
with the accounting standards to be stipulated by the Government Accounting
Standard Advisory Board (GASAB).
Railways pay excise duty, custom duty, Value Added Tax etc. on the materials
and stores purchased, as levied by the Government from time to time. The
‘Dividend’ is paid at a specific rate on the Capital invested by General
Revenues as recommended by Railway Convention Committee from time to time.
The investment of the General Revenues in Railways is treated as loan, in
perpetuity, by the Ministry of Finance.
Imposition of Service Tax on freight on Railways as proposed in the Finance
Bill, 2010 has been deferred till July 3, 2010. No Service Tax on passenger
fare has been proposed.
This information was given by the Minister of State for Railways, Shri K.H.
Muniyappa in a written reply in Lok Sabha today.
SOURCE - PIB
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