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tax

The New Rule for GST by the Supreme Court?

The Supreme Court ruling holding the decisions of the Goods and Services Tax (GST) Council to be recommendatory, rather than binding on the Centre and the states, and that these nodes of federal power can legislate on subjects falling within their domain, brings welcome clarity on the tax. It does not undermine GST or undo the intent and purpose of the Constitution’s 101st Amendment that brought in GST. It strengthens India’s federal structure. The only damage the ruling does is to the boast that GST means one nation, one tax  — in any case, GST already has seven percentage rates: 0, 3 (on gold), 5, 12, 18, 28 and 28 plus sin-good-cess.

Soaring Inequalities: Questioning the Unaddressed Challenges of the Union Budget 2022-23

The Union Budget 2022-23 was expected to take steps to tackle the problem of inadequacy of demand so that the economy’s rate of growth could be accelerated. This problem has persisted and had led to the rate of growth slowing down in the last four years. In turn, this problem is linked to the growing inequality in the country, which has been highlighted by several recent reports. The latest report is from the non-profit think tank People’s Research on India’s Consumer Economy [PRICE]. It shows not only the aggravation of inequality but also of poverty since 60 per cent at the bottom who were already poor or close to the poverty line lost incomes.