CAG Highlights Rs.26.04 Bn Financial Loss to Railways Over Interest Payments, GST

13 Aug 2024 CW Team

The Comptroller and Auditor General (CAG) of India has flagged a significant financial setback for Indian Railways, totaling ?26.04 billion. The report cites major concerns including excessive interest payments and inefficiencies in GST recovery as primary factors contributing to the loss.

The CAG's findings highlight that Indian Railways faced substantial financial burdens from interest payments on loans and borrowings. Additionally, the railways struggled with reclaiming GST refunds, further exacerbating their financial strain. These issues have had a detrimental impact on the operational efficiency and fiscal health of the railways.

The report also points out lapses in financial management and planning, which have led to unanticipated expenses and revenue shortfalls. The inefficiencies in managing GST refunds are particularly notable, with delayed or inadequate recovery impacting overall revenue.

The Indian Railways is now expected to address these issues through improved financial oversight and management practices. Recommendations include better financial planning, streamlined GST recovery processes, and enhanced transparency in financial dealings. The government and railways are under pressure to implement corrective measures to mitigate further financial losses and enhance operational efficiency.

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