Apart from gross domestic product (GDP) and gross value added (GVA), another indicator which shows whether an economy is thriving or stagnating is the growth in bank credit. Credit is a critical input in the production of goods and services. It is generally the case that during prosperous times, economic actors, who are engaged in different sectors or in various industry, take up bank loans to invest. The provisional data...

-The Hindu Business Line Asim Dasgupta, who was Finance Minister of West Bengal for 24 years, was probably the only CPI(M) member who attended Saturday’s event at the Central Hall of Parliament, on the eve of the GST’s launch. In fact, Dasgupta was Chairman of the Empowered Group of State Finance Ministers which prepared the first formulation of GST laws in 2009. He spoke to BusinessLine on the new Indirect Tax regime,...

-Livemint.com Here are some FAQs about the Goods and Services Tax (GST) slated for rollout on 1 July What is GST? Goods and Services Tax (GST) is a value-added tax at each stage of the supply of goods and services precisely on the amount of value addition achieved. It seeks to eliminate inefficiencies in the tax system that result in ‘tax on tax’, known as cascading of taxes. GST is a destination-based...

-The Hindu The long-term benefits of GST are clear — the challenge is to quickly address the short-term obstacles The Goods and Services Tax (GST) is in force from today. The reform, touted as a “game changer” and the “reform of the century”, was deemed worthy of a launch on the midnight of June 30 in the Central Hall of the Parliament. Indeed, one is reminded of the famous speech by Pandit...

-The Hindu It’s complex than elsewhere both in terms of number of rates and jurisdictions The form of Goods and Services Tax being implemented from July 1 is uniquely Indian, according to former Planning Commission member and former Chairman of the National Statistical Commission Pronab Sen. In an interview to The Hindu, he says the Indirect Tax regime will make it easier to start a new company, but increases complexity for those...