14th April 2017
GST is ready for implementation on July 1 almost all the policies are set. India can have its new indirect tax system in the beginning of Monsoon. GST will change the indirect tax rates in India Since it hypothetically promotes the Concept of “One Nation One Tax”. GST has its Tax slab in Four tier.
Demonetisation a major step was taken by Honourable Prime Minister Shri Narendra Modi. It was one of the biggest decision in Indian Economy. There has been a statement made by Economic Secretary Shaktikanta Das that the Demonetisation and GST implementation widen the tax base leading to improvement in the tax-to-GDP ratio. These will also lead to higher growth over next two-three years allow the government to maintain fiscal prudence while setting aside funds for public investments.
Comments have been on the Fiscal Responsibility and Budget Management (FRBM). The panel has made the goals more focused. Reports will be in front of us till the Next Budget.
NK Singh (former IAS and senior member of BJP) is heading a committee that has suggested a new fiscal framework anchored on sustainable government debt pegged at 60% of GDP
Compliance (to the fiscal deficit targets) is definitely strong.Both post demonetisation and post implementation of GST, the tax base will widen and tax-to-GDP will have improvisation
There has the expectation that the economy will have higher growth in next 2-3 years. This will tax-to-GDP will improve. The government will possible to meet the requirements of public investment and maintain a fiscal deficit.
Fiscal deficit declining to 2.5% of GDP by FY23. Central Government had announced the review of a fiscal framework in the last Budget amid the clamour for a more flexible framework to give the Centre room to stimulate the economy in times of stress. There has been a discussion new legislation. Decision will be taken by the government before the Budget.
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