-Hindustan Times The suggestion is to come up with a standard rate of 17%, a lower merit rate for items of common consumption and a higher rate on luxury and sin goods, according to these officials who spoke on the condition of anonymity. The Fifteenth Finance Commission (FFC) has suggested the Goods and Services Tax (GST) Council to simplify tax rates by creating just three slabs, two officials with direct knowledge of...
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GST pits angry states against Centre -Paran Balakrishnan
-The Telegraph Lower compensation beyond 2022 could be one way out A showdown is looming in Delhi over the GST, the country’s biggest tax revamp since independence that was implemented three years ago. Kerala Finance minister Thomas Isaac has already fired the opening shots. He will be in the capital next Wednesday for a GST Council meeting and he’s declared that he will be heading to the Supreme Court if he doesn’t...
More »FM Sitharaman says RBI had no objection to electoral bonds issuance by SBI; documents point otherwise -Udit Misra
-The Indian Express It is unclear why the government initially assured the RBI that RBI "alone" will issue electoral bonds as it could not do so under Section 31(3) of RBI Act. On Tuesday, replying to a question in Rajya Sabha raised by DMK’s Tiruchi Siva about what the Reserve Bank’s “indirect” approval to the issuance of electoral bonds meant, Finance Minister Nirmala Sitharaman said: “RBI, being a stakeholder, was involved in...
More »Modi govt likely to slash school education budget by Rs 3,000 crore citing funds crunch -Kritika Sharma
-ThePrint.in A sum of Rs 56,536 crore was sanctioned to the school education department in 2019-20, from which the Finance ministry is likely to cut Rs 3,000 crore. New Delhi: The Narendra Modi government is likely to cut the school education budget for 2019-20 by Rs 3,000 crore on account of a “funds crunch”, ThePrint has learnt. Highly-placed sources in the Human Resource Development (HRD) Ministry — which oversees education — said...
More »Can a cut in tax rates pull the economy out of the woods?
-The Indian Express A cut in income tax will naturally mean a loss of revenue for the government, which will impact the fiscal deficit. The quantum of the revenue loss will depend on how deep the tax cut is. Finance Minister Nirmala Sitharaman has said that the government is considering cutting tax rates to revive growth. “Tax rate cut is one among the many things we are thinking to boost growth,” Sitharaman...
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