-Newsclick.in It’s just a parlour trick to disguise financing of government spending that does not appear in the formal Budget. We all know by now, that economic activity in this country has come to a grinding halt. That’s not just bad for our earnings, but also for the Government of India (GoI). Because, when people don’t buy or sell things, or even produce them, the government doesn’t get enough taxes. So, economists...
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Corporate tax reduction: They already pay much less than required effective -Subodh Varma
-Newsclick.in Effective tax rate for Big Business in India was 26.3% although statutory rate is 34.6%, according to Budget documents. There is a proposal that corporate taxes should be reduced to 25% from 30%. According to reports, this has been mooted in a report submitted to the finance minister by a panel headed by Akhilesh Ranjan, member of the Central Board of Direct Taxes (CBDT). However, data on corporate taxes put out...
More »A politically inconvenient data nugget -Puja Mehra
-The Hindu Data on demonetisation’s contribution to the deepening economic slowdown may have been suppressed Was a task force report that recommended a new law to replace the more than 50-year-old Income Tax Act, 1961 suppressed because it inadvertently provided factual evidence for the debilitating impact of demonetisation on the formal corporate sector? On September 1-2, 2017, at the Rajaswa Gyan Sangam (an annual conference of senior tax administrators), Prime Minister Narendra Modi...
More »Amartya Sen slams Modi govt over abrogation of Article 370, says I am not proud as an Indian
-National Herald ‘Classic colonial excuse’, said Amartya Sen about the govt explanation of its decision of security clampdown in Jammu and Kashmir as preventive measures to prevent backlash that might cost lives Slamming the Narendra Modi government over scrapping of Article 370 from Jammu and Kashmir, Nobel laureate Dr Amartya Sen said that it only emphasised majoritarian rule "as opposed to sustaining the rights of all human beings. I don't think ultimately...
More »The Modi government is facing a serious cash crunch -- thanks to GST -Shoaib Daniyal
-Scroll.in More than a tenth of GDP is provided by government expenditure. This is (more) bad news for the Indian economy. In 1773, the British Parliament passed the Regulating Act, appointing a governor general to oversee all of British India. This law marked the beginnings of the Central government of the British Raj, the single most significant institution to shape the Indian subcontinent for the next two centuries. It continues till today...
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