Zoom Session on Farmers Protests:
1 - Electro Plating Story- Big Fish eat small fish
2 - Farmers subsidies in India similar to the Dole in Australia
3 - Tax revenue in India
Sept 2020 Tax revenue was Rs 5654 INR in Billions
Oct 2020 Tax revenue was Rs 7083 INR in Billions
GST collections crossed Rs. 1 trillion in October ($14.5 billion) for the first time in eight months.
Thes figures suggest Indians V shaped recovery after lock down was lifted
the GST collections reflect more of taxes on luxury goods. Basic food consumption items such as flour, fresh fruits, vegetables, meat, fish and milk are not generally subject to the consumption tax, they added. That makes the GST revenue data “a poor proxy of the well-being of the typical Indian household,” they pointed out.
Unemployment in the informal sector has skyrocketed and poverty levels on the rise. GST is just a reflection of the well off people buying luxury goods not the general financial health of the masses.
The GST rate in India for various goods and services is divided under 4 slabs; these are 5% GST, 12% GST, 18% GST, and 28% GST. However, there are some products that do not carry any GST rate.
Impact of GST on Household Expenses
Category Before GST After GST
Food 12.5% 5.00%
Entertainment 30.00% 28.00%
Transportation 15.00% 18.00%
Household – Personal Care 28.00% 18.00%
Mobile Phone 15.00% 18.00%
Insurance Premium 15.00% 18.00%
Credit Card Bills 15.00% 18.00%
In order to reach its GDP goal of $5 trillion, India’s economy will need to grow at a sustained rate of 9% over the next five years, according to C. Rangarajan, former governor of the Reserve Bank of India, the country’s central bank. The International Monetary Fund (IMF) on January 20 sharply revised downward India’s growth forecast by 130 basis points to 4.8% for 2019-2020. In its World Economic Outlook update, IMF chief economist Gita Gopinath said growth in India slowed sharply “owing to stress in the non-bank financial sector and weak rural income growth.”
List of states and union territories of India by tax revenues
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States and union
territories of India
ordered by
Area
Population
GDP (per capita)
Abbreviations
Capitals
Child nutrition
Crime rate
Electricity penetration
Fertility rate
Forest cover
Ease of doing business rank
Highest point
HDI
Home ownership
Household size
Human trafficking
Institutional delivery
Life expectancy at birth
Literacy rate
Media exposure
Number of vehicles
Number of voters
Obesity
Origin of name
Places of worship
Poverty
Power capacity
Access to safe drinking water
School enrollment rate
Sex ratio
Suicides
Tax revenues
TV ownership
Transport network
Underweight people
Unemployment
Vaccination coverage
This is a list of States of India by projected own tax revenues of their governments (excluding the shares from Union tax pool) for the year 2014-19 from "Annexure 7.1" (PDF). Report of the Thirteenth Finance Commission (2014-2019) (PDF) (Report). p. 381. with figures in crore of Indian Rupees. Data for Union territories except Delhi is not available.
RankStateTax Revenues (INR Billions) 2014-2019[1]— India 30331
1 Maharashtra 4518
2 Andhra Pradesh and Telangana 3234
3 Uttar Pradesh 2964
4 Delhi 2958[2]
5 Tamil Nadu 2734
6 Karnataka 2526
7 Gujarat 1796
8 West Bengal 1699
9 Rajasthan 1507
10 Kerala 1312
11 Haryana 1363
12 Madhya Pradesh 1272
13 Punjab 1180
14 Chhattisgarh 724
15 Jharkhand 707
16 Odisha 662
17 Bihar 370
18 Jammu and Kashmir 346
19 Assam 322
20 Uttarakhand 322
21 Himachal Pradesh 274
22 Goa 233
23 Tripura 47.25
24 Meghalaya 45.92
25 Arunachal Pradesh 27.11
26 Manipur 26.85
27 Nagaland 17.76
28 Mizoram 15.47
29 Sikkim 13.68
The Constitution (One Hundred and First Amendment) Act, 2016, was the law which created the mechanism for levying a nationwide GST. Written into this law was a provision to compensate the States for loss of revenue arising out of implementation of the GST. The adoption of the GST was made possible by the States ceding almost all their powers to impose local-level indirect taxes and agreeing to let the prevailing multiplicity of imposts be subsumed under the GST. While the States would receive the SGST (State GST) component of the GST, and a share of the IGST (Integrated GST), it was agreed that revenue shortfalls arising from the transition to the new indirect taxes regime would be made good from a pooled GST Compensation Fund for a period of five years that is set to end in 2022. This corpus in turn is funded through a compensation cess that is levied on so-called ‘demerit’ goods. The computation of the shortfall — the mechanism for which is spelt out in Section 7 of the GST (Compensation to States) Act, 2017 — is done annually by projecting a revenue assumption based on 14% compounded growth from the base year’s (2015-2016) revenue and calculating the difference between that figure and the actual GST collections in that year. For the 2020-21 fiscal year, the revenue shortfall has been anticipated at ₹3 lakh crore, with the Compensation Fund expected to have only about ₹65,000 crore through cess accruals and balance to pay the compensation to the States.
