The principal commissioner has been made responsible for developing and approving any intelligence, conducting search, and completing investigations and relevant subsequent actions, including at the lower field formations, points out T N C Rajagopalan.

Developed countries are relaxing restrictions on economic activity at a faster rate than expected. Global demand for consumer goods, intermediates and commodities is growing at a fast pace. Most exporters are flushed with orders, says T N C Rajagopalan.

Developing more sources of supplies to guard against disruptions may emerge as the next big trend. But that may not necessarily mean flow of more investments into India, unless investors are assured, besides important economic factors and impartiality of institutions, that social disharmony will not cause unexpected disruptions.

'Nirmalaji's Budget announcements have long-term implications and are not backed by enough money when the short-term outlook looks bleak,' notes T N C Rajagopalan.

The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.

Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.

Modi campaigned on the issue of national security, which cannot be ensured without a strong economy.

With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.

References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.

We have to wait and see whether Jaitley's Budget speech translates into actions and desired outcomes, says T N C Rajagopalan.

Since the present law threatens to unleash an avalanche of litigation over a period of time, it makes sense to replace it with a simpler law and build complexities as more experience is gained, says T N C Rajagopalan.

Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan

The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.

It is after the GST Network tallies invoice details with shipping bills that the refund claims can be processed. So, the refund could be delayed by over a month.

The surge in export, domestic demand and public spending in infrastructure projects might revive private investment during 2017-18.

T N C Rajagopalan on the new year and new worries.

The changes made in the revised GST draft throw up fresh issues but, overall, most of these look sensible, says T N C Rajagopalan.

CBEC has said a duty-free shop in a Customs area should not be treated as a warehouse.

RBI should monitor export credit offtake and how well banks implement its instruction.

For growth in export, continuous gain in productivity is essential.