Photo supreme review 20174/9/2023 ![]() Opposition-ruled states, in particular, have complained bitterly about the loss of revenue under the GST regime, which allows the Centre to hog tax proceeds at the expense of the states. Additionally, transparent mechanisms need to be in place for sharing of revenues between the states and the Centre. To salvage the situation, he says, the multiple GST slabs must be scrapped and replaced with a single low rate on all goods and services. ![]() He described it as a law with serious birth defects that have worsened over time. Chidambaram is right in his scathing remarks on the impossibility of a course correction in the GST regime in its present form. With average family incomes estimated to be between Rs 8,000 (for over 15 per cent of the population) and Rs 14,000 (for 60 per cent) in recent months (as per CMIE data), the latest GST whack will be ruinous for common people. Generally, WPI has a slow though lasting effect on retail prices. How does consumption data, the apparent basis of this surmise, miss the effect of the increase in prices of rice, milk, curd, flour and other such essentials on low income groups?Īnnual WPI inflation, which measures inflation at the producer level, has been in double digits for 14 months in a row. To rub salt into their wounds, Union ministers are heard saying that inflation impacts the rich worse, not so much the poor (this was even seen in a recent government economic review report).
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