FINANCIAL MEMORANDUM

Clauses 17 and 18 of the Bill provides for apportionment of tax and settlement of
funds and for transfer of input tax credit between the Central Government, State Government
and Union territory.
2. Clause 20 of the Bill provides for application of provisions of the Central Goods
and Services Tax Bill, 2017 relating to appeals, advance ruling and anti-profiteering. So
authorities under the Central Goods and Services Tax Act will be utilised for the purposes of
the proposed legislation. Thus there will be no extra financial expenditure under this
Bill.
3. The total financial implications in terms of recurring and non-recurring expenditure
involved in carrying out the various functions under the Bill would be borne by the Central
Government. Most of the existing officers and staff of the Central Board of Excise and
Customs would be used for carrying out the various functions under the Bill. However, it is
not possible to estimate the exact recurring and non-recurring expenditure from the
Consolidated Fund of India at this stage.

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