Tamil Nadu CM writes to PM Modi, other state finance ministers have virtual meeting to prepare for prolonged battle with central govt on GST compensation.
Modi govt says revenues are under strain and expenditure is increasing due to the pandemic and needs of national security to counter states' demand that it should borrow.
Senior Congress leader and former finance minister, Chidambaram said the 2 options given by the Modi govt to states to bridge the GST compensation gap is a gross violation of law.
Punjab minister Manpreet Singh Badal says not paying GST dues would amount to ‘sovereign default’, while Bihar Deputy CM Sushil Modi says it’s the govt’s ‘moral commitment’.
Finance ministry said that in June, a large number of people paid taxes pertaining to February, March & April on account of the relief provided due to Covid-19.
Data released by the Controller General of Accounts showed that contraction in tax revenues and rising expenditures pushed the fiscal deficit to over Rs 6.6 lakh crore in first quarter.
India’s foreign policy today is driven less by Western alignment or global liberalism and more by domestic political imperatives — economic, ideological, and electoral.
Electronics—specifically smartphones—& energy & pharma products make up 30% of Indian exports to US. 25% tariff on India came into effect Thursday, extra 25% to kick in by August-end.
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