Latest news with #GIDC
Time of India
2 days ago
- Business
- Time of India
CAG-related irregularities: Aldona MLA for FIR against GIDC officials
Porvorim: Pointing to the irregularities observed by the Comptroller and Auditor General (CAG) on several issues pertaining to the Goa Industrial Development Corporation (GIDC), Aldona MLA Carlos Alvares Ferreira on Monday demanded an FIR be filed against the corporation's director and officials. The CAG observed that the waiver of transfer fees would adversely affect the GIDC's financial result. 'We don't know who the beneficiaries were and who was making decisions at that time,' he said. 'Were they (board of directors) trying to finish the corporation? I think an FIR should be filed against the board of directors and the money should be recovered.' Ferreira said the CAG observed irregularities in the Rs 3-crore expenditure by the GIDC in organising Invest Goa 2024. The GIDC awarded the event to an ineligible bidder, resulting in the loss of GST input credit of Rs 45 lakh, the CAG said. It further noted that although the RFP had 76 line items describing requirements under venue, catering, branding, transportation, etc, the value was not estimated. The board was requested to approve a lump sum of Rs 3 crore for the event without any indicative costs for each line item. The Aldona MLA said the CAG stated that on Nov 11, 2023, the GIDC received an unsolicited offer from Myles High Hotels and Towers Pvt Ltd for leasing office space in its building at Patto, Panaji, for Rs 5.7 lakh plus taxes and maintenance fees, which was agreed to. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Simple Powder Could Be the Key to a Fresher Scalp Read More Undo The CAG observed irregularities by the GIDC in leasing the premises, resulting in a loss of Rs 1.2 crore. 'With regard to the CAG, there was a special board meeting where each and everything was clarified to an extent. We told CAG that it was wrongly imputed and that a paragraph would have to be dropped, which I can place in the House,' industries minister Mauvin Godinho said.
Time of India
3 days ago
- Business
- Time of India
GIDC caused over Rs 1 crore loss to exchequer: CAG
Panaji: The Comptroller and Auditor General (CAG) observed irregularities by the Goa Industrial Development Corporation (GIDC) in taking office premises on lease from Myles High Hotels and Towers Pvt Ltd, resulting in a loss of Rs 1.2 crore. The CAG said that on Nov 11, 2023, the GIDC received an unsolicited offer from Myles High Hotels and Towers Pvt Ltd for leasing commercial office space on the second floor of their building at Patto, Panaji, for Rs 5.7 lakh plus taxes plus maintenance. 'The same day, the offer was discussed at the 387th board meeting, and it was resolved (resolution 67/2023) to acquire the premises on lease at the same rate and terms and conditions in which the directorate of panchayat (DoP) acquired four other floors of the same building,' the CAG said. 'Thus, the rate quoted by Myles High Hotels and Towers Pvt Ltd was already in accordance with the prevalent rates of lease with the DoP. The GIDC sought to get PWD rent valuation for the said premises but did not pursue the matter when it was advised to approach the PWD's work division-1,' the CAG said. On Nov 22, 2023, the GIDC accepted the lease offer for the first year with a cumulative annual financial impact of over Rs 94 lakh. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Up to 70% off | Shop Sale Libas Undo 'Myles High Hotels and Towers Pvt Ltd issued a document to hand over the keys of the premises to the GIDC, but it was not taken over. The GIDC sought a revised quote on June 7, 2024, and a revised quote of over Rs 7.68 lakh plus taxes plus maintenance for the same premises was given,' CAG said. On June 15, 2024, the GIDC accepted the revised offer. On June 21, 2024, the GIDC signed the lease deed for 36 months from Jan 2024, stating a monthly rent of Rs 5.7 lakh plus taxes plus maintenance from Jan 2024 to May 2024 and Rs 7.6 lakh plus taxes plus maintenance thereafter. The GIDC undertook interior works and spent Rs 77 lakh in July and Aug 2024 and shifted into the new premises in Sep 2024. 'There were no documents on record to detail the formal handing-taking over of the premises and the physical condition of floors, walls, etc, on the date of taking over,' the CAG said. Stating that the following irregularities were noticed during the audit,the CAG said, 'There was neither an internal decision/approval for renting of additional office space prior to Nov 2023 nor was a public notice issued by the GIDC inviting bids for commercial space on rent. Immediate acceptance of an unsolicited offer from Myles High Hotels and Towers Pvt Ltd, despite being over four times the prevailing market rate was irregular. ' 'The reply of the management is awaited,' CAG added.
Indian Express
6 days ago
- Business
- Indian Express
‘People are paying taxes out of confidence in govt, fear of non-payment': Gujarat CM
Gujarat Chief Minister Bhupendra Patel on Thursday said that people are now paying taxes with the confidence that the revenue is being used 'effectively' with government schemes 'reaching the most marginalised sections of society'. He also said the fear of strict action against non-payment has contributed to greater compliance. Businesses, he said, are also paying Goods and Services Tax (GST) because they are receiving the necessary support from the government and their enterprises are performing well. Patel was addressing a public meeting in Suigam village of Banaskantha district on Thursday, where he inaugurated and laid foundation stones for development projects worth Rs 358.37 crore. He made the remarks in the context of Income Tax Day. He said, 'Today is Income Tax Day… Today, many farmers have become income tax payers. Earlier, people used to run away from paying tax… Earlier, (people used to think that) when my neighbour is not paying the tax, why should I pay it… Now, people think that if the tax is not paid then it brings strict action. So, people pay the tax (also) with confidence that the income from tax is not only put to good use, but also that the benefit of government schemes has reached the most marginalised person. Its benefit has reached all.' Referring to GST, the CM said, 'The point is that when will the business class pay the tax? Will anybody pay tax just like that? One will pay the tax if the business is doing good and is earning well.' Without providing specifics, Patel said that Rs 2 lakh crore worth of GST had been collected in one month. 'The government is happy that it has made an income of Rs 2 lakh crore,' he said. 'If you want GIDC (Gujarat Industrial Development Corporation) and business, then it requires facilities like roads, water, and electricity. If all these facilities are available, then good businesses are established. And when you do well, then you pay tax. It is a whole chain. Nobody is paying tax just like that. He (a businessman) will pay the tax when he gets all the facilities,' the CM said. Patel was accompanied by Gujarat Assembly Speaker and Banaskantha MLA Shankar Chaudhary, state Industries Minister Balvantsinh Rajput, and others.
Time of India
12-07-2025
- Business
- Time of India
GIDC bought survey instruments for Rs 1.5 crore without checks: CAG
Panaji: The Comptroller and Auditor General (CAG) has observed irregularities in the purchase of drones and other instruments by Goa Industrial Development Corporation (GIDC) for Rs 1.5 crore, noting that the process lacked any quality assurance. The CAG said that a loss of GST input credit amounting to Rs 20.4 lakh has been incurred by GIDC in the purchase. The CAG stated that GIDC entered into an MoU with the directorate of settlement and land records (DSLR) to survey and map all its industrial plots/lands, using 20 field surveyors from the DSLR. The equipment was procured by GIDC. The instruments had to be handed over to the DSLR by GIDC, in lieu of payment. An estimate of Rs 1.5 crore was approved in March 2023 for the purchase of the instruments, and a tender notice was published in April 2023 inviting bids. LI (ACE) was issued the work order for the supply of instruments for Rs 1.2 crore plus GST. The instruments and the drone were delivered. Thereafter, GIDC transferred the instruments to DSLR in Aug 2023. But the CAG said, 'GIDC did not insist on requirements of the vendor's capabilities.' In fact, the CAG said, GIDC did not have records to show the make, brand, and manufacturer's name as the supply was made by a vendor without detailing batch number, year of manufacture/import, and technical specifications. 'The possibility of faulty, defective, refurbished, repaired, and used products…could not be ruled out due to the lack of basic documentation and quality checks,' the CAG said.
Time of India
27-06-2025
- Business
- Time of India
CAG finds irregularities in Invest Goa 2024 spending
Panaji: The Comptroller and Auditor General (CAG) has observed irregularities in the expenditure of Rs 3 crore in organising the Invest Goa 2024 event by the Goa Industrial Development Corporation (GIDC). Tired of too many ads? go ad free now The CAG said that the GIDC awarded the event to an ineligible bidder, resulting in the loss of GST input credit of Rs 45 lakh. The CAG said that the GIDC decided on Jan 14, 2024, to organise the one-day Invest Goa 2024 event in collaboration with the Confederation of Indian Industry and the Investment Promotion Board at an estimated cost of Rs 3 crore. This decision was post facto approved on Jan 20, 2024, by the board. The event involved hosting 400-500 delegates to showcase Goa as an investment destination and to attract investments, create jobs, and spur economic development in the state. Accordingly, a request for proposal (RFP) was floated on Jan 16, 2024, under the Quality and Cost-Based Selection (QCBS) method, in which three bidders participated. Only one bidder, Bandodkar Hospitality Pvt Ltd (BHPL), qualified for the next stage. The financial bid of Rs 3.3 crore, inclusive of GST, was negotiated to Rs 3 crore, and the work was awarded on Jan 24, 2024, to BHPL. The event took place on Jan 29, 2024, and the vendor was paid Rs 3 crore in Feb 2024. A CAG officer said that the irregularities were noticed during the audit. The CAG noted that although the RFP had 76 line items describing the requirements under venue, catering, branding, transportation, etc., the money value was not estimated. The board was requested to approve a lump sum of Rs 3 crore for holding the event without any breakdown or indicative costs for each line item. Moreover, several line items were vague and ambiguous, such as the absence of specifications for the selection of the venue, the number of special invitees for the gala dinner, and the need for arranging food for 600 guests for an event with 400-500 delegates. Tired of too many ads? go ad free now 'This was not in conformity with Rule 136(1) of General Financial Rules, which mandated the preparation of detailed specifications and estimates before the commencement of works,' the CAG observed. 'There was no justification placed on record to explain the unjustified hurry to complete the tendering process and hold the event at such short notice.' The CAG added, 'The unjustified speed of the process adversely affected participation and competition in the tendering process, which was not in the financial interest of the GIDC.' The CAG said, 'Three bidders (Axis Communications or AXIS, BHPL, and Cas Ant Events Pvt Ltd or CAEPL participated, of which CAEPL had not submitted documentary evidence in the technical bid and was disqualified.' The two remaining bidders (AXIS and BHPL) were given marks of 60 and 95, respectively, out of a maximum of 100, the CAG said. It added, 'Since a technical score of 70 or above was required to open the financial bid, the financial bid of BHPL alone was opened…although AXIS had superior capabilities in terms of turnover, employee count, experience, etc.' Though the marks were awarded by a three-member committee, the scores given by individual members were not on record, the CAG said. 'All the above indicated that the tendering process was not transparent and competitive to safeguard the interest of the GIDC,' the CAG said. The CAG said that although the basic eligibility criteria were an 'average annual turnover' of Rs 2 crore over the past three years (2020-21 to 2022-23), the CA certificate furnished by BHPL was for an 'aggregate turnover for three years' of Rs 2 crore. 'Despite this ineligibility, the bidder was not disqualified, thereby vitiating the entire tender process,' CAG said. 'Overall, the tendering process and awarding of work to an ineligible bidder lacked transparency, and there was no proper documentation on the execution of the work.' Further, the GIDC did not take action on the loss of GST input credit of over Rs 45 lakh, the CAG said, adding that the reply of the management was awaited.
