GST should result in an abolition of fragmented tax regime, development of a common market, elimination of cascading of taxes and should help increase the growth of GDP by promoting trade, business and investment.

In contemporary federalism, fiscal behaviour of States has not been predominantly determined by the patterns of intergovernmental fiscal transfers. The recent central government policies and reforms in India are also influencing debt-deficit dynamics at the subnational level. With the introduction of UDAY¹, this dimension has reached an added significance ...

[Co-author: Rajeswari Sengupta]

On 4 May, the President promulgated the Banking Regulation (Amendment) Ordinance, 2017. This adds sections 35AA and 35AB to the Banking Regulation Act, 1949 ("BRA").

[Co-authors: Gausia Shaikh and Bhargavi Zaveri]