-The Hindu The GST’s faulty design has prevented the economy from benefiting fully from the indirect tax regime A year ago, at a special midnight session in Parliament, the launch of the goods and services tax (GST) was heralded as the new freedom. A year on, what has the GST achieved? ? One should not expect instant results. There will be many short comings when a complex reform is rolled out. But...
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Arvind Subramanian, ex-Chief Economic Advisor (CEA), interviewed by Prashant Jha
-Hindustan Times Subramanian says due to less suitable global economic scene, reaching double-digit growth will need more hard work The announcement that Arvind Subramanian, India’s Chief Economic Advisor (CEA), is quitting for personal reasons to return to the United States has generated considerable attention. The CEA spoke to Prashant Jha about his time in government and the state of the economy: * As you look back, what are the key highlights and the...
More »Balancing conflicting claims -C Rangarajan & DK Srivastava
-The Hindu The 15th Finance Commission has to take a call on the degree of equalisation that’s feasible In the context of the Terms of Reference (ToR) of the 15th Finance Commission (FFC), certain key aspects relate to (a) the mandate for using the 2011 population; (b) ‘whether revenue deficit grants’ be given at all; (c) the impact of the goods and services tax (GST) on the finances of the Centre and...
More »An open letter to Finance Ministers -TM Thomas Isaac
-The Hindu Political alignments should not come in the way of defending the fiscal rights of States My fellow Finance Ministers in the States, I hope you will agree that the award of the Finance Commission is vital to State finances. Some of us who met initially at Thiruvananthapuram, Kerala, and later at Amaravati, Andhra Pradesh, are worried about the implications of the terms of reference (ToR) of the Finance Commission...
More »GST one of the most complex, has second highest tax rate: World Bank report -Asit Ranjan Mishra
-Livemint.com GST is one of the most complex with the second highest tax rate in the world among a sample of 115 countries which have a similar indirect tax system, says the World Bank The goods and services tax (GST) implemented by the Narendra Modi government from 1 July last year is one of the most complex with the second highest tax rate in the world among a sample of 115 countries...
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