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LATEST NEWS UPDATES | Goyal's budget has enough ammunition for Opposition -Devadeep Purohit

Goyal's budget has enough ammunition for Opposition -Devadeep Purohit

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published Published on Feb 3, 2019   modified Modified on Feb 3, 2019
-The Telegraph

Check out numbers for transfers to states, GST collections and income tax

Finance minister Piyush Goyal tried to make people happy with his maiden budget ahead of the Lok Sabha polls, but ended up serving on a platter ammunition that chief ministers such as Mamata Banerjee, Arvind Kejriwal, H.D. Kumaraswamy and N. Chandrababu Naidu are likely to make full use of in the hustings.

The campaign managers of the opposition parties — champions of federalism, which talks about more power for the state governments — will be happy with the numbers tucked in the receipt budget that contain details of the earnings of the government, after deducting the share it forgoes for the states.

One of the pet peeves of the champions of the federal cause has been that the Centre takes it all and leaves very little for the states. With Goyal’s budget papers, the likes of Mamata and Kejriwal can buttress their claims with numbers.

The numbers show that the transfer from the Centre to the states for 2018-19 is around Rs 27,000 crore less than what finance minister Arun Jaitley, on medical leave in the US, had proposed in his budget last February.

This roughly translates into a loss of more than Rs 1,000 crore for the bigger states and the Opposition-led state governments would not accept the cut silently.

This cut will raise questions. Not just the cut, the budget arithmetic will also throw up difficult posers for Goyal, whose speech lasted for 105 minutes, the longest for an interim budget, so far.

And a closer look at the numbers throw up the answer. The receipt side clearly reveals that despite the tall claims by the Narendra Modi-government, the collections from the much-hyped goods and services tax (GST) have been around Rs 1 lakh crore less than the projections Jaitley had made in his budget speech. If one falters on the revenue side, the share for the states has to be cut.

The poor show on the GST front will also become handy for Mamata and her counterparts in the Opposition-ruled states, as they will highlight how the projections went awry despite Modi’s claims of GST being a game-changer.

The contentious tax — believed to be one of the main reasons behind the BJP’s falling approval ratings among the trading community — will surely haunt the saffron camp in the poll season.

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The Telegraph, 2 February, 2019, https://www.telegraphindia.com/business/goyal-s-budget-has-enough-ammunition-for-opposition/cid/1683462?fbclid=IwAR09Z6K73DS0Ie4QEY18e55xvZkNumvgt3JNFQXfMK-j2tYxqBkAA7


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