Indian Government Finance: When the Indian government collects taxes, borrows money or receives foreign aid, then accounts of all that money are also kept. But the question arises that who keeps the account of that money? From budget to audit, many major institutions ensure that every rupee is accounted for and used only for public welfare. Let us know who keeps the accounts of this entire account.

Who keeps complete accounts?

The management and audit of the funds of the Government of India is the responsibility of the Ministry of Finance, the Comptroller and Auditor General of India and the Reserve Bank of India. The Finance Ministry is a major part of the financial management of the country. It prepares the Union Budget which gives complete account of the expected income and expenditure of the government for the financial year.

The ministry ensures that funds are carefully distributed among different departments and welfare schemes. Along with this, it also keeps an eye on the expenditure of this money. The ministry formulates economic policies through its departments such as economic affairs, expenditure, revenue and financial services. It also collects taxes and manages government loans.

Responsibility of Comptroller and Auditor General

Its job is to ensure that the money is used properly. It is an independent constitutional authority that accounts for all revenues and expenditure of the government, including ministries, departments and public sector undertakings. If any irregularities are found then it prepares a detailed report and presents it in the Parliament.

reserve Bank of India

The Reserve Bank of India acts as the government’s banker. It handles all the accounts of the government, manages its public debt as well as facilitates all financial transactions. Whenever the government pays or receives money, it all happens through RBI.

India’s democratic structure ensures that government spending always remains under surveillance. The Comptroller and Auditor General’s report is made public, so that Parliament and the civilian government can be held accountable. If cases of scam or corruption come to light, investigation is conducted on the basis of the findings of the Comptroller and Auditor General.

Also read: How many wars has Afghanistan fought till now, know why no country has been able to enslave it

In the meeting of the GST Council chaired by Union Finance Minister Nirmala Sitharaman, there have been very big changes in the tax slab. Now only two slabs are left in GST, while the slabs of 12 percent and 28 percent have been completely abolished. During the press conference of the Finance Minister, it has been told that if you bought a slippers of one thousand rupees, then how much GST used to give earlier and how much GST will be installed after the new slab is implemented.

What percentage will be GST on footwear now?

After the GST Council meeting, Union Finance Minister Nirmala Sitharaman held a press briefing on Wednesday (September 3, 2025) with Arvind Srivastava, Secretary, Revenue Department, Ministry of Finance. During this, Arvind Srivastava, Secretary, Revenue Department, gave information about the tax on footwear. He said, “So far, on buying footwear up to Rs 1000, customers were taxed at 12 percent and 18 percent GST was charged for purchasing footwear worth more than 1000 rupees.”

He said, ‘Because now a tax slab of 12 percent has been removed. So according to the new tax slab, 5 percent GST will be imposed on footwear up to Rs 2500 from now and 18 percent GST will be imposed on footwear worth more than Rs 2500.

#Watch Delhi: Arvind Shrivastava, Secretary, Department of Revenue, Ministry of Finance, Says, Says, “As far as footwear is concerned, there washre wond in the pass in the past. Thos Costing More than Rs 1000 was charged 18%. pic.twitter.com/zkvwguqefo

– ANI (@ani) September 3, 2025

How much GST will have to be paid to even bigger cars,

Arvind Srivastava, Secretary, Revenue Department of the Ministry of Finance, shared information about the GST on the smallest cars. He said, ’18 percent GST will be imposed on small cars. Apart from this, 40 percent GST will be charged on all other cars.

However, he also said that the scale of small cars which have been decided by the Union Ministry of Roads, Transport and Highways, the small cars will be charged 18 percent GST. According to the Ministry of Transport, 1200 cc and diesel 1500 cc cars are counted in small cars on petrol. We have not decided any new scale for him.

ALSO READ: ‘Should we put 5 % GST on cigarette-tobacco’, Finance Minister Nirmala Sitharaman enraged Congress on the question of ABP News

GST on UPI transactions: UPI transactions, becoming increasingly popular in the country, are proving to be a milestone towards promoting the government’s digital India campaign. Amid reports of recent GST on UPI, the Finance Ministry has clarified in the Rajya Sabha that no idea has been made to impose GST on transactions of more than 2000 rupees. During the monsoon session on July 22, Minister of State for Finance Pankaj Chaudhary said that it has not been recommended to impose GST on transactions above two thousand rupees.

GST will not be imposed on UPI transaction

Responding to a question of the government’s views about GST on transactions above two thousand rupees, Pankaj Chaudhary said that on the basis of GST Council’s recommendation, GST rates and exemption are decided. It is a constitutional body, which includes members of both the state and the center.

Significantly, the GST case on UPI transactions came to light when about 6000 GST notice has been issued to traders on the basis of data of UPI transactions in Karnataka.

GST notice in Karnataka stirred up

The organization of traders in Karnataka has threatened to strike against the GST notice sent on the basis of data of GST transactions. While the Income Tax officials have described it as the right step according to the law.

Speaking to the news agency PTI, Joint Commissioner of Commercial Tax, Meera Suresh Pandit said that when the transaction limit in the service sector crosses the limit of 20 lakhs and goods for goods, it becomes mandatory to register its business under the GST Act. Along with this, your turnover also has to be announced

Trump tarifs: The successful bilateral trade agreement between the US-India can suit the existing adverse conditions. This can open access to new markets and can boost exports. This has been said in a report released by the Finance Ministry on Tuesday. Indo-US can conclude the interim trade agreement before 8 July. In this, India is emphasizing on giving full exemption from 26 percent counter -duty on domestic goods.

On April 2, the US imposed an additional 26 percent retaliation on Indian goods, but was suspended for 90 days till 90 days. However, 10 percent of the original fees have been kept in force. The report said that amidst global uncertainty, India has the ability to remain one of the attractive destinations for investment in India.

Investment may increase

The Monthly Economic Review of the Finance Ministry states that foreign investors can give positive response to policies that strengthen the country’s medium -term development prospects. The report said that in particular, policies that increase the skills and productivity of the country’s youth work can greatly strengthen the cycle of investment and growth. According to this, India remains the fastest growing major economy. While various global agencies have made significant cuts in the growth rate of other countries, it is the lowest in India’s case.

According to the World Economic Scenario (April 2025) of the International Monetary Fund, India’s actual GDP growth for 2025-26 is estimated to be 6.2 percent, which is 0.30 percent less than its previous forecast in January 2025. These amendments have been made in view of global uncertainties and business tension.

Growth rate estimated to be more than 6.3 percent

Many agencies have estimated India’s growth to be 6.3 percent to 6.7 percent in FY 2025-26, which is getting support from strong domestic foundation, stable large economic management and increasing government capital expenditure. At the same time, declining inflation further strengthens this scenario.

According to the report, strong domestic foundation for the Indian economy, wide economic management and ability to withstand external shocks remain its specialty. Strong private consumption, especially in rural areas improve the primary engine of improvement and strong service export development. It said, “The service sector is constantly expanding healthy. Due to this, some softening of goods exports is being made. The Indian rupee remains relatively stable and foreign exchange reserves are providing protection against external shocks. ”

The report said that the approach in the case of inflation remains optimistic. Food inflation pressure is expected to be reduced due to good rabi crop in the coming time, increase in acreage under summer crops and better buffer stock of food grains. The Meteorological Department’s estimate of more rainfall than normal and the decline in crude oil prices strengthens the trend of decrease in inflation.

Also read: ITR Filing 2025: How much income is necessary to file income tax returns? Know the new rule

Onion price: Keeping in mind the interests of farmers after the fall in onion prices, the government has decided to withdraw 20 percent export duty on onion exports. This decision will be considered applicable from April 1, 2025. At present, the government charges 20 percent export tax on exporting onion of the country.

In the notification issued by the Central Board of Indirect Taxes and Customs, it has been told that the central government has decided to “zero” the export duty on public interest onion. It states that this notification will be applicable from 1 April 2025. In fact, the central government banned its exports in December 2023 in view of the huge rise in onion prices in the country. After this, in May 2024, it was allowed to sell onions abroad with a minimum export price limit of minimum $ 550 per ton and 40 percent export duty. The minimum export price was terminated in September 2024 and the export duty was also reduced to 20 percent, which has now been decided to completely abolish.

Despite the export ban, the total onion exports during FY 2023-24 have been 17.17 lakh tonnes and in FY 2024-25 (till March 18) 11.65 lakh tonnes. According to the government, the monthly onion export quantity has increased from 72 thousand tons in September 2024 to 1.85 lakh tonnes in January 2025. The Ministry of Consumer Affairs said, this decision is another proof of the government’s commitment to ensure beneficial prices for farmers and keep the price of onion under the control of farmers. Wholesale and retail prices have declined after expecting a good amount of rabi crops.

Even though, the current market prices are above the level of the same period previous years, but the All India weighted average model prices have seen a decline of 39 percent. Similarly, the All India average retail prices have fallen by 10 percent in the last one month. The Ministry of Agriculture estimates that this year Rabi onion production will be 227 lakh tonnes, which is 18 percent more than the previous year’s 192 lakh tonnes. Rabi onion, which holds 70-75 percent in India’s total production, is important for market stability until the arrival of kharif crop starts in October-November. The ministry said, “In this session, the estimates of high production may reduce prices in the coming months.