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Enlightened leadership needed to resolve tax distribution: Subbarao
Former RBI Governor Duvvuri Subbarao has opined that only enlightened leadership at Centre and state levels can resolve the complex north-south divide in deciding on the distribution of the tax pool among states, saying it is beyond the remit of the Finance Commission.
Subbarao, who held various positions including the finance secretary of Andhra Pradesh and Union finance secretary, and wrote extensively on issues in fiscal federalism in his new book titled 'Just A Mercenary?: Notes from My Life and Career' further said that horizontal sharing of the divisible pool of taxes has always been a contentious issue but will be even more so in this round.
"This (north-south divide in deciding on the distribution of the tax pool among states) is a complex political challenge beyond the remit of the Finance Commission.
"Resolving it will demand enlightened leadership at central and state levels that can look beyond politics and build a consensus around an optimal way forward," he told PTI.
GST collections hit new record at Rs 2.10 trillion in April 2024, up 12.4%
Driven by domestic transactions and imports, the gross goods and services tax (GST) collections for April 2024 saw a 12.4 per cent year-on-year growth
Commercial LPG cylinder price reduced by Rs 19; Here are the revised rates
A 19 kg cylinder will now costs Rs 1,745.50 in Delhi as against Rs 1,764.50 as of last month
India needs 'hard reforms' to reach GDP growth of 7.5%, says HSBC
Prime Minister Narendra Modi - who is seeking a third term in elections that run until June 1 - has been campaigning on making India a developed nation by 2047
Govt cuts windfall tax on petroleum crude to Rs 8,400 per MT from May 1
(Reuters) - India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1, the government said on Tuesday
LS polls: Makhana traders demand policy refit for opportunity pop-up
Returning entrepreneurs hamstrung by inadequate policy measures
Euro zone economy rebounds from recession as inflation steadies
The fourth quarter GDP figure was also revised down to a negative 0.1% from a previous 0.0%, meaning that the euro zone was in a technical recession in the second half of 2023
CRISIL SME Tracker: Equations getting better for chemicals MSMEs
Agrochemicals margins could normalise from the second quarter due to destocking of high-cost inventories
Chatroom: Duty-free inputs used in export output are not export benefits
When you re-import the goods under notification 45/2017-Cus dated June 30. 2017, you have to pay the GST, DBK and RoDTEP amounts at the time of clearance
Better PLI execution on cards if Modi returns to power, says report
The French banking group said the turnaround in the investment cycle that started from 2018-19 has further gained pace over the last two years after a Covid-led disruption in 2020 and 2021
Dry cell battery maker Eveready Industries defers new category entry
Saha indicated that the RTM should be amenable to take on other categories
Gujarat High Court rules mango pulp attracts 12% GST since July 2017
The court said that the item is covered by the category-mangoes other than sliced and dried
India's core sector growth slows to 5.2% in March from 7.1% in February
In March 2023, the core sector had recorded a growth of 4.2 per cent
India buys more oil from Russia, less from Iraq, Saudi Arabia in April
Oil imports from Iraq declined by 20-23%, the data showed
IEG applies afresh after licence cancelled under FCRA over procedural lapse
Institute could not submit documents to govt due to 'minor technical issues', say sources
Infrastructure output in March rises 5.2%, cement production up 10.6%
Infrastructure output, which accounts for 40% of industrial production, measures activity in eight sectors, including refinery products and electricity
Hesitant health insurers get a regulatory prod to expand coverage
Until recently, Indian insurers hesitated to offer new health insurance products, resulting in its low uptake. Recent Irdai relaxation targets this laggard retail business
Strong capex, domestic demand behind India's growth performance: IMF
Finance Minister Nirmala Sitharaman, in the interim budget, proposed to raise the capital expenditure target by 16.9 per cent to a record Rs 11.11 trillion for FY24-25
Indian economy likely to grow 7% in FY24 amid benign global outlook: NCAER
The Indian economy could grow more than 7 per cent during the current fiscal amid a benign global outlook and expected above-normal monsoon, economic think tank NCAER has said.
In its April 2024 issue of Monthly Economic Review (MER), NCAER said a range of high-frequency indicators reveal the resilience of the domestic economy with the Purchasing Managers' Index (PMI) for manufacturing at a 16-year high and UPI, the leading digital payments system, touching the highest volume since its inception in 2016.
"Projected acceleration in both global growth and trade volumes, as well as a forecast of an above-normal monsoon, indicate that the Indian economy can again attain growth rates higher than 7 per cent during the current fiscal year," said NCAER Director General Poonam Gupta.
According to NCAER, Goods and Services Tax (GST) collections reached Rs 1.8 lakh crore in March, the second best since its rollout in 2017, while UPI recorded 13.4 billion transactions (in volume) in March 2024,
Lucknow, Ghaziabad and Noida to be developed as 'financial cities'
The new township policy, integrated township policy and affordable housing policy are pitched as the key enablers of these targets