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Tax revenue is an important source of income for Urban Local Governments (ULGs) in India, which includes Municipal Corporations, Municipal Councils, and Nagar Panchayats. ULGs in India are empowered to levy various taxes and fees to generate revenue for providing […]

Municipal finance refers to the financial management of local governments or municipalities, which includes planning, budgeting, accounting, and reporting of financial activities. Municipal finance is crucial for the provision of public services and infrastructure to citizens and the overall economic […]

The Union government supports several developmental initiatives at the state level. These schemes are aimed at supplementing the efforts made by state governments since the central government has more resources at its disposal.  Centrally Sponsored Schemes (CSS) are programs and […]

Definition: Consolidated Fund of India is the most important of all government accounts. Revenues received by the government and expenses made by it, excluding the exceptional items, are part of the Consolidated Fund.The Consolidated Fund is a term used in India […]

The Central Finance Commission (CFC) and the State Finance Commissions (SFCs) are two constitutional bodies in India that are responsible for recommending the distribution of financial resources between different levels of government. While the CFC is responsible for recommending the […]

Finance Commission of India: The Finance Commission is a constitutional body, that determines the method and formula for distributing the tax proceeds between the Centre and states, and among the states as per the constitutional arrangement and present requirements. The Finance […]

The State Finance Commission (SFC) is an institution created by the 73rd and 74th Constitutional Amendments (CAs) to rationalize and systematize State/sub-State-level fiscal relations in India.   It allocates resources of a state to its Panchayati Raj institutions at all three levels in terms of […]

A  special purpose vehicle is a legal entity that has been established to separate an asset, subsidiary, or financial transaction from a larger corporation or government agency.  A special purpose vehicle (SPV) is typically created for a limited task to […]

A Special Economic Zone (SEZ) is a geographical region that has laws and regulations that are more liberal or flexible than a country’s domestic economic and investment laws. A Special Economic Zone (SEZ) is a designated geographical area within a […]

Urban financial management, hinges basically on the level of decentralization  of the government machinery of a country. Fiscal decentralization refers to the process of transferring fiscal responsibilities and resources from central government authorities to lower levels of government, such as […]