Proposed GST regime pushes for uniform banking to streamline fund flow and accounting across Central and State governments.

State and Union Territory accounting systems largely adhere to the general principles and procedures of Central government accounting, with some variations in tax head classifications. While Major and Minor Heads of accounts are standardized across Central and State/UT governments, classifications below Minor Heads may differ at the state level. The proposed GST regime suggests implementing a uniform banking arrangement for both Central and State/UT governments to streamline fund flow, reporting, and accounting processes.

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