Gandhi tagged a news report quoting the Comptroller and Auditor General, in its first-ever audit of the Goods and Services Tax, that the government had failed to try out the system before its rollout to the people.
Terming the situation as 'unprecedented', ACMA President Ram Venkataramani said vehicle sales in all segments have continued to plummet for the last several months thus impacting the component segment as well.
The excess of expenditure over receipts have been kept under reasonable control. It is targeted at 3.3% of gross domestic product for next year from 3.4%. This is good news as inflationary pressures should remain under control.
Finance Minister Sitharaman announced a surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore and for those above Rs 5 crore which will hike their effective tax rate by 3 percent and 7 percent respectively.
Finance Minister Nirmala Sitharaman presented the first budget of the Modi government in its second term. Sitharaman said India needs to make structural reforms to achieve USD 5 trillion economy in the next few years. Follow live updates here
Finance Minister Nirmala Sitharaman has to seek solutions to macroeconomic concerns. But these need to be married with problems related to viable farm incomes, stress on the informal sector, largely small and medium businesses, and the struggles of the underprivileged.
Theirs is a unique partnership that successfully ground down the anti-BJP narratives around demonetisation, farm distress and job flight, getting people across sections to vote for Modi. And Amit Shah’s realpolitik may now enable the PM to build an inclusive image.
Demonetisation and the subsequent introduction of Goods and Service Taxes (GST) were aimed at lifting Indian economy. But the government's vision has been counterproductive given the way international bodies are calculating India's economic growth