-The Hindu Money financing is a viable route to take us back to pre-COVID-19 levels of output Former Prime Minister Dr. Manmohan Singh and his Congress party colleague Praveen Chakravarty have, in these pages, written on the appropriate policy response to the currently depressed state of the economy. Given Dr. Singh’s deep understanding of the subject, this is in the nature of invaluable counsel. Unlike the dispensation in power, he and his...
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Centre unable to pay GST dues to States: Union Finance Secretary -Sobhana K Nair
-The Hindu GST Act allows change in formula, Ajay Bhushan Pandey tells Parliamentary Standing Committee on Finance. Finance Secretary Ajay Bhushan Pandey told the Parliamentary Standing Committee on Finance, headed by BJP MP Jayant Sinha, at a meeting on Tuesday that the government is in no position to pay the GST share of States as per the current revenue sharing formula, sources said. According to at least two members who attended the meeting,...
More »GST cess falls 42% short in FY20
-The Hindu Compensation for last fiscal paid to States using previous years’ balance of cess The Centre made up a 42% shortfall in Goods and Services Tax compensation cess collection in 2019-20 by using balance of cess from previous years, plus a transfer from the Consolidated Fund of India. Meanwhile, the GST Council, which was slated to meet this month to discuss the possibility of market borrowing to meet likely future shortfalls,...
More »Delayed Audit Reports, Lower Output Marked Last Two Years of CAG’s Functioning -Himanshu Upadhyaya
-TheWire.in As the tenure of the current CAG of India comes to an end in August, just how impactful has the national auditor been in recent times? When Parliament’s budget session for the year 2020 started on January 30, political and economic observers hoped to see tabling of the Comptroller and Auditor General (CAG) of India’s Audit Report on Union Government (Finance Accounts). However, these hopes were dashed when on the third day,...
More »Can raising the approved labour budget from 280.76 crore person-days to 306.6 crore person-days help the unskilled returnee migrants who prefer MGNREGA to Garib Kalyan Rojgar Abhiyaan?
Although social activists and concerned economists demanded at least Rs. 1 lakh crore to be earmarked in favour of the Mahatma Gandhi Rural Employment Guarantee Scheme (MGNREGS), the Finance Minister in her budget speech on 1st February allocated only Rs.61,500 crore to it for the financial year 2020-21. As compared to the fund spent on MGNREGA in 2019-20 (i.e. revised estimate of Rs.71,001.81 crore), the amount set aside for the...
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