-The Hindu The FM deserves credit for keeping the capital expenditure steady amid receipts shortfall; but her plan does not meet market expectations of sweeping reforms The Finance Minister’s job is a greatly coveted one but no politician would want to be in Nirmala Sitharaman’s shoes today. The Indian economy has slowed to a 5% crawl. The financial system is under considerable stress. Assumptions about Tax revenues have gone awry. The clamour...
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Why India faces a public funding crisis -Rathin Roy & Puja Mehra
-Livemint.com * The Centre has no money for a stimulus package. Only the states can find a way to get India out of the slowdown * States, taken collectively, are the only hope. Despite loan waivers, they are in a better position to boost public spending. But that would require coordinated work between the Centre?and the states NEW DELHI: On 1 February, finance minister Nirmala Sitharaman will present an important Union budget. The...
More »India may miss tax collection target for 2019-20 by nearly Rs. 2.5 lakh cr: Garg
-PTI * Subhash Chandra Garg from the Tax revenues perspective, 2019-20 is proving to be a dysfunctional year * Former finance secretary says corporate tax, excise duties and customs are likely to see negative growth in collections in 2019-20 NEW DELHI: The government's tax collection is likely to fall short of its estimate by Rs2.5 lakh crore or 1.2% of GDP in 2019-20, former finance secretary Subhash Chandra Garg said on Sunday while...
More »Govt's FY20 spending seen lower by Rs 2 lakh crore; sharpest cut since FY15
-The Indian Express The Centre is set to cut annual budgetary expenditure for current fiscal by nearly Rs.2.2 lakh crore or 8 per cent from the Budget Estimate. With Tax revenue growth lagging the required rate by a wide margin, the Centre is all set to cut the annual budgetary expenditure for the current financial year by nearly Rs 2.2 lakh crore or 8 per cent from the Budget Estimate (BE). The...
More »States stare at over Rs.1 lakh crore revenue gap post withdrawal of GST compensation
-PTI At the time of implementation of the Goods and Services Tax on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula States might be facing a consolidated revenue gap of up to Rs.1.23 lakh crore on account of withdrawal of compensation after the five-year GST transition period ends on June 30, 2022, says a report by economic think tank...
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