July 2024 was first time no official release on GST collections was issued. Collections were Rs 1.74 lakh crore in June & average collections this fiscal yr are highest ever, it is learnt.
He also noted the 15th Finance Commission cut Karnataka’s share in central taxes ‘too drastically’, much more than other similar-performing southern states.
Visiting Professor Ashoka Mody says India chose to ‘dismiss inconvenient truths’ about GDP data to look good. Where was criticism when the economy tanked during COVID, asks govt.
GST was first introduced in India on 1 July, 2017. But tax experts now call for key reforms, such as setting up tribunals for appeals and including petroleum products in the regime.
Dept of Investment & Public Asset Management secretary Tuhin Kanta Pandey says govt is trying to strike a balance between earning revenue through dividends & disinvestment receipts.
Prior to the clarification, all such non-medical, non-educational transactions would've attracted 20% TCS from 1 July. Govt imposing TCS on foreign credit card spends was widely criticised.
Union finance minister Sitharaman says govt cleared 90% GST compensation owed to states & only ‘5-8%’ is held back subject to authentication certificates issued by auditor general.
In the next budget, last of Modi govt's 2nd term, announcing a glide path to a deficit target of 4.5% of GDP by 2025-26 would lend credibility to its fiscal consolidation initiatives.
At a meeting with chief secretaries of states, Union Finance Secretary T.V. Somanathan made a presentation that highlighted a worrying rise in debt in some states.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
If GST collections rise. Then cut petrol taxes. That’s only reasonable.