M Govinda Rao

GST rates: A year from rollout, GST’s roots get firmer

GSTN promised much but delivered little. Unless the system of matching invoices to confirm input tax credit is in place, the system will remain prone to abuse.
Banking reform: Fragile financial sector needs credible corrective action

The industry-wise build-up of GNPA and stressed advances underlines the urgency of policy reform to ensure that the SCBs are not made to lend for long-term investments.
NDA II Performance: 4 years of Modinomics – Good in parts?

Undoubtedly, in terms of growth and inflation indicators, the performance of the economy has been much better than the previous five years under the UPA rule.
Finance Commission: Redefining the federal fiscal landscape?

The directive to use the population figures of 2011 was not the only issue that prompted the finance ministers of southern states to come together on a platform on April 10 in Thiruvananthapuram; there were many more contentious issues impinging on the fiscal autonomy of the states and the federal landscape of the country. Guidelines and even directives have been given in TORs of past Commissions as well.
GST: Need to revisit the complex system

The GST Council should move expeditiously to simplify the GST structure as well as its administrative details before it is too late.
Tax abuse by MNCs: Need to go beyond OECD solutions

The way forward to minimise BEPS is not to treat multinational enterprises and their affiliates as independent entities, but to deal with them as unitary entities and consolidate their profits to determine the tax base.
Budget 2018: Once again a missed opportunity

Budget 2018: The Budget proposes a number of interventions, but a close look at the allocations does not convince anyone that there are qualitative difference from the past.
Agenda for 2018: Time to create a fiscal council to monitor calibration of policy

The time is opportune for creating a fiscal council to monitor the calibration of rule-based policy, that is appointed by, and reports to, Parliament.
15th Finance Commission: To realise the goals under new India 2022, here is what Centre must remember

The centre would do well to remember that Offsetting the fiscal disabilities of the states is critical to achieving and realising the goals under New India 2022
Indian economy has bottomed out, set to show gradual acceleration

The finance minister’s unveiling of the Rs 9 trillion economy-booster plan, involving the Rs 2.11 trillion recapitalisation of public sector banks and the Rs 7 trillion investments in roads and highways, has not come a day sooner.
With economy slowing, this is what Narendra Modi government must do

All the attempts at fiscal consolidation will come to nought if any attempt to provide fiscal stimulus is made by breaching the targets. The rating agencies are not likely to take kindly to any such fiscal adventurism.
Demonetisation was a self-goal? These numbers speak the truth

The government continues to claim that it has scored a goal without admitting that it is a self-goal—DeMo caused significant disruption.
Why lack of capacity of the state is not merely a matter of incompetence

Lack of capacity of the state is not merely a matter of incompetence. It has more to do with ‘special interest group’ politics
Need for an independent fiscal commission

Housing the commission under the finance ministry will undermine its independence; make it answerable to Parliament only
NITI Aayog Action Agenda: Responsibility of implementing recommendations rests on Centre, states

The responsibility of implementing NITI’s recommendations lies with both the Union government as well as the states.
GST: What is being proposed is a highly complicated structure, but the stage is set for implementation

What is being proposed is a highly complicated structure with four tax rates, in addition to exemption, a low rate on bullion and cesses on demerit goods.
Demonetisation and informal sector: Indian economy was slowing, note ban compounded problem

The growth estimates put out by the Central Statistical Organisation (CSO) in the Second Advance Estimates of National Income for the year and the third quarter estimates have raised many eyebrows.
Union Budget 2017 has done precious little to rationalise explicit subsidies

It is in allocating resources for public investment where the finance minister has been stingy. Increase in public spending on infrastructure would have helped to crowd in private investment.
Not Finance Commission, it is Union govt that decides transfers to states

It is not the Finance Commission, but the Union government that determines the transfers to the states
Budget 2017: Economic revival depends critically on hike in spend on infrastructure

The govt will have to tread carefully between wiping the tears of disruption that demonetisation caused and kick-starting the revival of economic activity
Due to demonetisation, forecasting budget numbers will be a challenge; here’s why

Although the developments during the first seven months of the fiscal year are similar to the situation that prevailed in earlier years.
Demonetisation: If Centre serious on black money, it should target political funding

The announcement by the prime minister on November 8, that currency notes with face-value of R500 and R1,000 will no longer be valid sent shock-waves.
GST implementation: Here’s why increasing number of slabs is retrograde

The problem with multiple rate categories is that it complicates the structure, adds to both administrative and compliance costs, leads to classification disputes and opens up avenues for special interest groups to lobby for lower rates
GST: Here’s why arrangement to separate service tax payers is flawed

After the 101st Constitutional Amendment enabled both the Union and the state governments to levy the Goods and Services Tax (GST), there has been a sense of urgency in implementation.
FRBM Act – roadmap of fiscal rules for future: Should targets be range-bound?

Unfortunately, global experience shows that governments want to spend the maximum they can and there is a danger that they will always work on the ceiling of the range
Raja Chelliah: The father of tax reform

The broad thrust of his reforms was to move away from the levy of extortionary rates
Centre must contain fiscal deficit; here’s why

The govt must contain fiscal deficit to create borrowing space for the private sector

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