Jammu, June 25 -- Central funds will be a key to bring about growth in key sectors of Economy
By Anjan Roy
Any discussion on a state budget must take into account the current fiscal regime of the country as a whole. For the introduction of the GST system and setting up GST Council meant the states' giving up their right to tax their main source of revenue, the sales tax. In addition, the centre also gave its right to independently tax one of its biggest tax head -excise duties.
Having taking that into account, one has to factor in the limited time available to the state finance ministers in raising resources. What they can bank upon is the rise in the overall volume of business in the state so that its share from the GST pool originating...