India has a fiscal responsibility law that lays out a glide path for reducing the Centre’s deficit, but govts have inevitably resorted to Fudgets.
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A theme has not yet emerged for BJP & people see lack of a contest, which makes it unexciting. For all these reasons, 2024 is turning out to be an unexpectedly theme-less election.
Fudging is one thing, to turn the whole thing upside down so it doesn’t even look economics, is another!
I don’t know economics myself. But going by the newspapers, I thought that this GST thing meant: “a new method of taxation which will be easy, but which will produce the same amount of money for the government which the earlier method of sales taxes and excise duties produced.” Based on this guiding principle, individual items were assigned certain percentage of taxation. And GST was launched amid lights and crackers at the stroke of one midnight, and touted as India’s “second independence”.
But over the last year and a half, the present finance minister has DRASTICALLT REDUCED the percentage taxation on virtually every item! How will it still add up to the old amount, which the old system of sales taxes etc brought in?? If this is still only “fudging”, then I wonder what “earth-quaking” will look like! And if the government decides to start distributing no-cost lollipops to win the election, then are we in for a real earth quake or what?
All one can say is that the proportion of namak in the atta has been going up steadily, giving us hypertension.
Fudging is one thing, to turn the whole thing upside down so it doesn’t even look economics, is another!
I don’t know economics myself. But going by the newspapers, I thought that this GST thing meant: “a new method of taxation which will be easy, but which will produce the same amount of money for the government which the earlier method of sales taxes and excise duties produced.” Based on this guiding principle, individual items were assigned certain percentage of taxation. And GST was launched amid lights and crackers at the stroke of one midnight, and touted as India’s “second independence”.
But over the last year and a half, the present finance minister has DRASTICALLT REDUCED the percentage taxation on virtually every item! How will it still add up to the old amount, which the old system of sales taxes etc brought in?? If this is still only “fudging”, then I wonder what “earth-quaking” will look like! And if the government decides to start distributing no-cost lollipops to win the election, then are we in for a real earth quake or what?