The GST will alter the very face of fiscal federalism in India.
The key proposals from the IT industry that were not addressed included removal of dual levies on software products
Exemptions, and the fact that farm income is outside the tax net, ensure that India's tax-GDP ratio stays low.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
The government should now focus on governance and monitoring the supply side to manage inflation, says M V Subramanian.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
It is time to take a few macroeconomic risks to kick start the growth.
Nitish Kumar has to eschew disastrous experiments with prohibition and reservations in the private sector. Unless he is dissuaded from pursuing these flawed measures, he will pave the way for Bihar to again become a part of the BIMARU group of sick states, says Amulya Ganguli.
Protester Sasi Perumal's death has given a new fillip to the pro-prohibition movement, which was beginning to draw attention across Tamil Nadu after different political parties began to make it a part of their poll manifesto for next year, says N Sathiya Moorthy.
Power Minister Piyush Goyal on the government's manufacturing push and other key issues.
'The UPA's claim of growth at 9.5 percent was absolute nonsense and a fraudulent claim because the country did not grow; it was only statistical growth.' 'I do believe that when there is a determined leader who wants to bring a desired change, the system will begin acting. Today, people think there is policy paralysis, but there is functional paralysis also.' 'When things start moving, people will invest. Many companies are holding cash, many people are not investing. Nobody is making any move. Everybody is waiting for the elections to get over.' Economist and Swadeshi Jagran Manch convenor Swaminathan Gurumurthy in conversation with Shobha Warrier/Rediff.com
An asset swap can simultaneously boost public investment, reduce the fiscal deficit and keep fiscal policy from being pro-cyclical.
Let Bihar be damned under its contradictions of having gone 'dry' and then having been submerged under flood, which is a recurrent phenomena? After all it is a godforsaken land, having lost its promises of overcoming its problems, says Mohammad Sajjad.
UPSC toppers -- Ira Singhal, Nidhi Gupta, Vandana Rao and Suharsha Bhagat -- tell Rediff.com how they cracked the tough national exam.
But experts say downside limited, pockets of opportunities for investors
'Let us also not expect that there will be a clean break with the past, much though the new government might like to think about it. In a functional democracy that is neither feasible nor desirable. But basic change it must be,' says Shreekant Sambrani.
Several states that imposed prohibition in the past lifted it once revenue loss began to pinch
Both Houses were adjourned multiple times as Opposition members kept on shouting slogans against the PM.
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
Boost to dairy sector will generate jobs
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
'Modi as the PM of the country has to take everybody on board and deliver on good governance. That is his responsibility. In that talking alone won't help, he's working.' Commerce Minister Dr Nirmala Sitharaman tells Sheela Bhatt/Rediff.com how the Modi government plans to change India.
The government has provided a long-term vision.
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