GS Paper 2

GST Compensation

8th September – GST Compensation

GST Compensation The 41st meeting of the GST Council was held recently with the singular agenda of finding a solution to the question of how best to ensure that the compensation payable to the States as part of the implementation of the Goods and Services Tax continues to be paid. Background – The background for …

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Centre-State relations

7th September – Centre-State relations

Centre-state relations under federalism Arguably, federalism or the centre-state relations are at its lowest point in recent decades. The ongoing tussle over the Goods and Services Tax (GST) compensation accentuates a rather worrying trend.  Recent issues between centre and the states – GST Compensation – Finance ministers of states like Punjab, Delhi, Chhattisgarh, Telangana, Rajasthan …

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2nd September – Reforming the GST

GST reform needs a new grand bargain Three years ago, the Centre and the States of the Union of India struck a grand bargain resulting in the launch of the unified Goods and Services Tax (GST) era. The nationwide GST promised frictionless commerce across State borders, buoyant and leakproof tax compliance, and removal of inefficiencies …

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Supply Chain Resilience Initiative

1st September – Supply Chain Resilience Initiative

Supply Chain Resilience Initiative With COVID-19 and trade tensions between China and the United States threatening supply chains or actually causing bottlenecks, Japan has mooted the Supply Chain Resilience Initiative (SCRI) as a trilateral approach to trade, with India and Australia as the other two partners. The initiative is at the strategy stage and has …

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Specified Financial Transactions

27th August – Specified Financial Transactions

Specified Financial Transactions One significant change in the new Income Tax Return e-filing form is the new Form 26AS — which has been effective from June 1, 2020 — which would alert the taxpayer about his or her large financial transactions through the year. This is mentioned in the statement of specified financial transactions (SFTs). …

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Fiscal Council

26th August – Fiscal Council

Fiscal Council The fiscal situation in India has been under severe stress even before COVID-19 and the novel coronavirus pandemic has only worsened it. Key statistics – The fiscal deficit of the Centre in 2019-20 as estimated by the Controller General of Accounts (CGA) was 4.6%, 0.8 percentage point higher than the revised estimate. For …

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Food Security

25th August – Food security in India

India’s food insecurity Data from the latest edition of the State of Food Security and Nutrition in the World (SOFI) report show that India retains the dubious distinction of being the country with the largest population of food insecure people. Estimates presented in the report which was released by several United Nations organisations show that …

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One China Policy

24th August – One China Policy

One-China Policy “We support the One China policy. However, we expect you to also have a One India policy.” These were the words of the late External Affairs Minister, Sushma Swaraj spoken to the Foreign Minister of China, Wang Yi in June 2014. With rising Chinese belligerence on Indian territories and its total disregard for …

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China-Russia ties

21st August – China-Russia ties

China-Russia ties The recent bonhomie between the leadership of Russia and China has sparked intense discussion on whether they are moving in the direction of a formal alliance, and what that could mean for the rest of the world. Background – The triangular relationship between America, China and Russia has, for the most part, shaped …

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Health ID

20th August – National Digital Health Mission

National Digital Health Mission The National Digital Health Mission (NDHM) announced by the Prime Minister on Independence Day has the potential to transform the healthcare sector, making it more technologically advanced, inclusive and delivery-driven. How? The move to use technology to streamline processes such as medical record-keeping, sharing of healthcare data, appointments and similar healthcare …

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