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Six years after Goods and Services Tax revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer.
GST on pre-packaged goods/ food packets was levied after some states gave feedback of losing revenues they previously earned from levy of VAT on food items, a top government official said.
Indian economy could cross $5 trillion in 2026-27 and likely to become $20 trillion by 2040, Chief Economic Advisor Anantha V Nageswaran said
Mr Subramanian, while reacting to RBIs outlook on inflation, expressed disappointment that though prices have been rising for almost three years, it was late in taking measures to check them, which showed "a certain loss of institutional independence"
The government has been touting the 8.4% real GDP growth rate as evidence of the economy recovering. A deeper examination reveals that such optimism is far from warranted.