GST

The concept of Expenditure Tax instead of Income Tax will be useful in the sense that a person should be charged for the expenditure he is able to make and not from one's income which if saved in Bank is already under tax bracket. A person capable of spending more should be taxed more.

Punjab's GST contribution is a measly Rs 1353 crores. It is less than a tenth of Maharashtra! It is less than a quarter of the likes of Gujarat, Karnataka, and Tamil Nadu.

GST was a huge bargain when States gave up their rights to collect sales tax while the Centre gave up excise and service tax. Australia also shares the GST anniversary with us where the rates have been constant at 10%. Thus, a single rate in India can be a huge reform, and a matter of discussion too! But there is an urgent need for structural reforms in GST, in order to be a leading economy.

Huge Cess levied upon certain goods is something unjustifiable by every angle thereby, ruining the significance of GST as a taxation reform.

Every crooks shall cry and bleed. And Lutyen theorist will employ every trick under the sleeves to create distraction. But the Lutyen theorist should realize the Modi economics is set to prevail in every walk of financial governance.

Will the policy of endless patience and unwillingness to take any drastic action help tackling the grave pandemic? Or, would it snatch away all the political capital it has built up in the state over several years?

Recently announced E- invoicing or Electronic invoicing can be said as one of the efforts to curb tax evasion through digitization.

This budget respects everyone from all sections of society from farmers, marginalized people to taxpayers. Importance is also given to climate and water conservation.

At this juncture, the inflexion point has reached where automobile manufactures will have to brace for the change.

The common man believes completely that India’s economy is stable, robust and growing swiftly.