-Livemint.com * Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel * On 20 February, petrol price was hiked by record 39 paise per litre and diesel by 37 paise a litre Reserve Bank of India governor Shaktikanta Das called for reduced indirect taxes on petrol and diesel to contain the fuel prices at a reasonable level. Petrol and diesel prices in...
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How Could the New Farm Laws Bring Agricultural Income Under the Tax Net? -Jaimal Shergill
-TheWire.in Farmers may have to pay 18% GST on the income earned through corporate farming, which the new laws are expected to promote. Like a retro Bollywood movie with multiple double acts and plot twists, the controversy surrounding the three farm laws is not just limited to the specific legislations per se, but there is more to it, much more sinister. When the Income Tax Act, 1995 (ITA) and Central Goods and...
More »Revise the text of the Budget speech -Jayati Ghosh
-The Hindu The Finance Minister must move to an expansionary fiscal stance that prioritises job creation, public service provision It is that time of year in India, when all eyes and ears turn to the Finance Minister to learn what she will unveil in the annual Union Budget. But it is a moot point whether, even in a year of the novel coronavirus pandemic and economic crisis, that speech will be of...
More »Fix inverted tariff structures to boost industrial growth in India -C Veeramani and Anwesha Basu
-Livemint.com Correcting import-duty anomalies will attract foreign firms to set up assembly bases here and lift our global competitiveness A steady decline in import tariff rates in manufacturing industries had been an important feature of India’s economic reforms during the 1990s and 2000s. The average import tariff rate was reduced from about 84% in 1990 to the lowest-ever level of 8.6% in 2010. Consequently, imports of goods plus services as a percentage...
More »Wrecking Fiscal Federalism -CP Chandrasekhar and Jayati Ghosh
-NetworkIdeas.org India’s Constitution puts the bulk of responsibility for the basic goods and services to be provided to citizens on to state governments. That is also why it mandated that independent Finance Commissions be appointed every five years to determine the distribution of tax revenues between Centre and the various states. Successive Finance Commissions (FCs) have also recognised that state governments necessarily require more resources to fulfil their obligations, which is...
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