M Govinda Rao

Despite fact that Constitution assigns states predominant role in provision of social services and co-equal responsibility in economic services, their fiscal performance has not received much focus

This was an opportune moment to get rid of the old tax system entirely and move fully to the new one. A broad-based, low-rated, and less differentiated tax structure is the need of the hour

To have an accommodating investment climate, it is important to ensure stable governance

Despite the growth slowdown, a rate cut-cycle is unlikely to start anytime soon

Much as India desires the existence of cooperative federalism, what it often witnesses is competition

Streamlining rates and expanding GST coverage can enhance revenue and reduce distortions; political buy-in remains a key challenge

The reluctance to undertake comprehensive rate rationalisation, fearing revenue loss, is short-sighted

Initiating policy reforms on the priorities outlined in the Budget without delay is crucial for India's developmental goal

Tinkering with rates proposed in the Budget does not change the protectionist stance and there is a need for rethink on the issue

Despite making gains, next-generation reforms are required to expand and streamline the GST

Both the ruling party and the Opposition seek to empower local bodies, but rectifying a crucial 'birth defect' in decentralisation is the first step for progress

MODVAT was introduced in 1987 without unifying rates, leading to confusion and loss of revenue