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Recently presented Union Budget does not provide updated data on important heads for FY 2018-19

apar dated 11th July, 2019, Prof. Jayati Ghosh of Jawaharlal Nehru University (JNU) has said that the lowering of Tax Revenue (mainly Indirect Tax Revenue on account of fall in revenue generated from Goods and Services Tax-GST) between Revised Estimates and Provisional Actuals may indicate that the GDP growth is not up to the mark as is being calculated and showcased by the Centre. Dr. Rathin Roy has said that the fall in Tax Revenue happened mainl

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Reimagining the NITI Aayog -Vijay Kelkar & Abhay Pethe

tral government when compared to the State or provincial governments; the Constitution mandates relatively greater responsibilities to the State governments. For example, in India, post the advent of Goods and Services Tax (GST), the share of States in the public expenditure is 60% while it is 40% for the Centre to perform their constitutionally mandated duties. The horizontal imbalances arise because of differing levels of attainment by the States

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Upward GDP revisions for note ban, GST years surprising, says ex-CEA -Asit Ranjan Mishra

laims in his latest working paper published on the Harvard University website New Delhi: India’s statistics ministry likely underestimated the impact of demonetization and the rollout of the Goods and Services Tax (GST) on economic activity, leading to an overestimation of gross domestic product (GDP) figures, the finance ministry’s former chief economic adviser, Arvind Subramanian, has said. On 31 January, the statistics ministry ha

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Even After Abolishing It, Centre Collected Over Rs 1,300 Crore Under Krishi Kalyan Cess -Dheeraj Mishra

Krishi Kalyan Cess (KKC) despite having abolished it, information received through the Right to Information has revealed. The Ministry of Finance had gradually disposed of several cesses with the Goods and Services Tax (GST) rollout, including the KKC which was abolished on July 1, 2017.   However, the Directorate General (Systems and Data Management) of the finance ministry’s revenue department has replied to an RTI

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The problem with cherry-picking data -Arun Kumar

been released officially) undermine the National Democratic Alliance government’s claims on job creation. In fact, they showed massive unemployment. Demonetisation and the implementation of the Goods and Services Tax, both of which undermined the unorganised sector which employs 94% of the workforce, have impacted employment. Data from the Centre for Monitoring Indian Economy (CMIE) and others have confirmed the loss of jobs. The NSSO and CMIE d

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YV Reddy, former Reserve Bank of India governor and chairperson of the 14th Finance Commission, interviewed by Roshan Kishore (Hindustan Times)

ework. The tenure of the Narendra Modi government has seen important changes in India’s fiscal federalism set-up such as the abolition of the Planning Commission (PC) and the roll-out of the Goods and Services Tax (GST). The 15th Finance Commission (FC) has to submit its report in October 2019, which will be another important event in the evolution of India’s fiscal federalism framework. It is in this backdrop that Hindustan Times spoke

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How the 16th Lok Sabha fared -MR Madhavan

e Speaker was unable to conduct a no-confidence motion but let the House pass the Act to bifurcate the State of Andhra Pradesh. Key legislation However, Parliament made some important laws. The Goods and Services Tax was implemented and the bankruptcy code was enacted. The IIM Act gave premier management educational institutions a level of autonomy not available to other public educational institutions. The Juvenile Justice Act allowed children

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Cash in system surges: Informal sector's back? -Mayur Shetty

e on January 18, 2019, way above the pre-demonetisation high of Rs 17.97 lakh crore. The increase in currency usage points to a recovery in 'informality' in the economy as the government goes easy on Goods and Services Tax compliance and businesses continue using cash, according to Pranjul Bhandari, chief economist, India, HSBC. The acceleration of CIC since late-2017 has resulted in leakage of liquidity from the banking system, said Bhandari, who

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STREANH in numbers -James Wilson

45-year high. For a government which came to power on the back of a promise to create two crore jobs, that is a lot of egg on its face. It is also evidence of how demonetisation and a poorly-executed Goods and Services Tax (GST) wrecked the economy and created large-scale unemployment. Once the survey report got out, the government’s mandarins scrambled to explain away the findings. More blogger than minister, Arun Jaitley brushed it aside as

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Dr. Himanshu, associate professor at Jawaharlal Nehru University, interviewed by M Rajshekhar (

p of 15-29 years rose from 5% in 2011-’12 to 17.4%. The report corroborated what the government’s critics have been saying – that demonetisation and the ham-handed rollout of the Goods and Services Tax have resulted in large job losses. In a press conference called on Thursday evening, the government hit back. It claimed other datasets – like that of Employees’ Provident Fund Organisation – show employment in the

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