Art & Culture
- Right to access internet is fundamental right declares Kerala High Court
- Legal rights of Deities in India, Difference in Natural and Juristic Person
- Bru refugees refuse to return to Mizoram
- No animal sacrifice in Tripura temple-Orders High Court
- EC’s Order on Reducing Sikkim CM’s Disqualification Period
- Law Ministry issues corrigendum to Jammu and Kashmir Reorganisation Act
- Appointment of the Judges in India.
- New Chief Justice of India- How is CJI appointed?
- Indian Penal Code 1860, HM Amit Shah wants to Overhaul IPC
- National Population Register (NPR) 2020
- Whistle Blowers Allegations on Infosys
Governance & Social Justice
- 60% girls in Delhi colleges anaemic
- Niti aayog’s School education quality index
- Multipurpose National Identity Card
- Population pyramid : India Vs China, Demographic dividend Phase of India
- UN Population Report, India will become the most populous country by 2027
- Supreme Court upholds SC and ST (Prevention of Atrocities) Amendments Act
- Comparing Population Pyramids of India and China
- Waqf boards-Their governance and purpose
- Harvard Admissions Case
- Pradhan Mantri Jan Arogya Yojana- Ist Anniversary, Problems and solutions
- Significance of sexual and Reproductive Health-Status of reproductive services in India
- Pregnancy in Old Age, What is In Vitro Fertilisation-Risks and legal shortcomings
- Supreme Court Judgement on NGOs and RTI
- Social Stock Exchange
- Rajasthan Govt changes EWS norms, Sets Rs 8 lakh family income as only criteria
- Global hunger index 2019
- No Government job for those with more than two kids
- Ranitidine CANCER risk
- IIT Council Introduces Tenure track system
- Bangladesh growing faster than India ?
- Cyprus dispute explained
- Donald Trump impeachment
- India wins Hyderabad Nizam case against Pakistan
- India’s reply to Pakistan at UNGA
- Prime Minister of Malaysia calls India and invader in Kashmir
- Should India recognise the armenian genocide ?
- Why are CARICOM countries important for India ?
- Why are countries leaving OPEC ?
- Attacks on Saudi Oil facilities
- Organization of Islamic Cooperation issues statement on Jammu and Kashmir
- Sri Lanka’s relations with India & China
- US troops start pullout in Syria as Turkey prepares for operation
- What are Vanilla Islands?
- India-USA trade deal
- UNHCR Nansen Refugee Award-2019
- Modi – Xi Informal meet at Mamallapuram – Historic Chinese links
- India China informal summit in Tamil nadu
- Pakistan save from FATF blacklist till 2020
- USA blacklists China organisations over Uighur Muslim abuse
- Why is Chile burning ?
- Why is the Philippines important for India
- Xi jinping Nepal visit 2019 and impact on India
- India Pakistan Cross LOC Trade suspended, Should India revoke suspension?
- Protests in Lebanon
- Chennai to Vladivostok Sea Route
- End of baghdadi
- Indian government’s security advisory
- Indians no longer require Visa to visit Brazil
- Non Aligned Movement 2019 summit
- US backed Ceasefire between Turkey and Kurds
- Pakistan stops postal exchange with India
- China’s GDP growth slows to 6% slowest in 27 years
- Common Goods for Health project by WHO
- Turkey attack Kurds in Syria
- Behavioural Aspect of Farmer Suicide
- Is rural India really open defecation free ?
- Global Growth Slow Down
- Nobel Prize in Economics 2019
- Regional Comprehensive Economic Partnership
- SBI wrote off bad loans worth 76,000 crores
- Surge in Onion Price
- Agriculture Credit by RBI’s Internal Working Group
- What is Debt to GDP Ratio?
- Yes Bank Crisis
- Nobel prize in Literature – Controversy
- Boosting Indian Exports
- Sopore Fruit Mandi deserted
- What is Pink Collarisation?
- Mizoram to have Broad Gauge railway line by 2021
- Demand downturn in Indian Economy
- Payment facilitation fund
- Participatory Guarantee Scheme
- RBI’s 4th Bi-monthly Monetary Policy 2019-20
- Tourism restrictions lifted in Kashmir
- Link between Jobs, Farming, and Climate
- Draft Social Security Code 2019
- State Tax Revenues, SGST and Central Tax Devolution are likely to fall short
- Competitiveness Index 2019 by World Economic Forum
- NITI Aayog’s Water Resources Strategy
- BSNL and MTNL financial issues-DoT prepares Rs 74000 crore revival plan
- 20th Livestock Census
- India falls 10 ranks in World economic forum’s Global competitiveness index
- RBI stops Printing Rs 2000 Notes
- What is the Unified Approach proposal of OECD?
- FCI granaries overflowing
- India’s Economic Growth 2019
- Financial Sector Scams in India
- Labour Market of India
- New Strategic Disinvestment Process
- Payment Delays to Sugarcane Farmers
- Why India’s IMF Quota is not increased
- What is monetary policy Transmission? Why banks are not reducing interest
- Mahatma Gandhi’s theory of Economics
- India moves up 14 spots to 63 on world Bank ease of doing business index
- New amendments to the Motor Vehicles Act
- Power Sector Scenario in India
- Telecos to Pay Rs 96,642 crore to the Government
- Camel population declines in Rajasthan
- Merger of BSNL and MTNL
- World bank on Indian economy
Defence & Security
- Nagas Kukis Conflict, What is the cause of the latest tensions?
- Case against 50 Celebrities controversy
- Can Indian Government intercept WhatsApp?
- UP Government fires 25000 home guards, Is Yogi Government’s decision justified?
- NCRB’s Crime in India 2017 report
- Aadhaar Social Media mandatory linking case
- What is TechSagar? National repository of India’s cyber tech capabilities.
Science & Technology
- ISRO’S Project NETRA
- Facebook’s LIBRA Currency in trouble
- WHO launches first World report on Vision
- 2019 Nobel prize in physics
- 2019 Nobel prize in Physiology and Medicine
- Elon musk’s starlink project
- NASA’s ICON mission
- New King of the Moons in the Solar system is Saturn
- What Is Spectroscopy ?
- Quantum supremacy
- Climate Vulnerable Mapping Of India
- C40 Cities
- Gujarat Unveils emission trading scheme
- Forest Plus 2.0
- Himalayan States seeks Green Bonus
- India to Phase Out Single Use Plastic (SUP) by 2022
- Role of Volcanoes in Global Warming
- NH 766 ban controversy, Protests in Kerala against night traffic ban on the forest stretch
- Climate Change needs Global Solution
- Aarey Forest -2185 trees to be cut for Mumbai metro
- Government to build 1400 km long Green wall
- Graded Response Action Plan in Delhi
- Aerosol formation brightening clouds
- Anthrax outbreak in Pobitora Wildlife Sanctuary, Two affected buffaloes died
- Species in News from June to October 2019
- Climate Action Summit 2019
Tag:GS -3||Economics||Public Finance||Taxation
What is the issue?
- There is growing concern that the two main sources of state tax revenue are likely to fall short of their
2019-20 budget estimates.
- These sources are State Goods and Services Tax (SGST) and central tax devolution.
What would be its impacts?
- This may result in large tax cuts or cutbacks in state-level spending by the end of the 2019-20 financial year.
- The latter poses a risk to India’s economic growth outlook and to the liquidity role of companies participating in projects at the state level.
- State tax revenue–Own tax revenue (now regulated by SGST) and Central Tax Devolution.
- It is reported that SGST accounts for over 40% of the state’s own tax revenue in FY20.
- The devolution of tax to States shall be regulated by the formula prescribed by the Finance Commissions and shall be based on the central government’s actual collections.
What are the concerns building up related to SGST collections?
- Substantial discrepancies: There are substantial discrepancies in the data available in the Rajya Sabha questions and in the Member States ‘ own budget on SGST and GST compensation revenues received.
- In their revised FY19 estimates, several states overestimated such revenues.
- In the budget projections for FY20, this positive prediction of SGST collections seems to have continued.
- State governments have forecast their SGST to rise by 11% in FY20 (budget forecasts) over their revised FY19 estimates in aggregate.
- In the first half of the financial year, however, the growth in headline GST collections was only 5%.
- If the rate of GST revenue growth does not pick up in the second half, SGST collections that follow the forecasts (Rs 350-400 billion).
- The GST payment cessation received in FY20 (April-September) fell short of the compensation released this year to the states.
- Many states require compensation
- This is an acute concern as the 5-year GST loss payout period will end in 2022.
- States will then have to update their expenditure in accordance with their real SGST receipts unless the period of payment is prolonged.
- With virtually no room for an increase in GST rates, further strengthening of administration measures may be needed to improve the level the collections.
- The GST council will have to discuss and formulate a solution in the coming months to compensate states for the shortfall in GST revenue.
- Focus on non-tax revenue will need to be more.