Chief Secretary AP Padhi on Thursday asked the Finance Department to keep up taking innovative steps for upgrading of the Integrated Financial Management System (IFMS) and the Public Financial Management System (PFMS).
Padhi stated this while chairing the annual review meeting of the Department at the State Secretariat. Finance Principal Secretary Tuhin Kanta Pandey presented the updates and outlined the issues for discussion.
The major activities of the department like budget management, treasury management, loan and guarantee management, pension policy and pension disbursement, fiscal policy management, audit of local fund institutions, coordination with the Union Government, the RBI, the Accountant General, banks, other financial institutions and external donor agencies were reviewed.
It was revealed that the State has moved to online system of RBI named e-Kuber for all receipts and payments and has integrated it with IFMS. The facility for online submission of pension papers has also been provided in IFMS.
The facility of online sanction of around 14 services, including pension and provident, have also been incorporated. E-transfer of Pl accounts across treasuries has been made operational.
Pandey appraised that the next step would be to leverage the system for online generation of cashbook.
It was also revealed that VAT and CST collected through the department increased by 13.3 per cent up to December 31 against the corresponding period o f the last fiscal. The total VAT and CST collection was Rs 8,759 crore.
Pandey said the revenue surplus of the State is at 1.7 per cent of the Gross Domestic Product (GSDP). The fiscal deficit is 2 per cent, which is well within the permissible limit of 3.5 per cent of GSDP. The debt and GSDP ratio of the State is well below the permissible limit of 25 per cent with present level at 14 per cent.
The tax and GSDP ratio is at 5.3 per cent of the State’s own revenue and GSDP ratio is more than 7 per cent.