Every indirect taxation system contains a credit/set-off mechanism to avoid the cascading effect of taxes incurred at the previous stage. The credit framework should be wide in ambit and with the least exceptions. Yet the lawmakers choose to keep a long list of goods and services outside the basket. By Puneet Bansal and Neha Jain
The longest ever Budget speech had several noteworthy highlights, but offers a little glimpse of the government’s plans for economic revival By Kulraj Ashpnani and Sneha Ghosh In the midst of an acute economic slowdown, the Union Finance Minister and her team had the responsibility to steer the Indian economy and restart the growth trajectory.