Economic Survey 2018: Five Big Things About Taxes in Indian Economy

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The survey report's author, Chief Economic Advisor Arvind Subramanian said the document's cover was deliberately kept in pink colour to show the government's support to the movement "in favour of women and women's empowerment". "The cycle calls for ambitious consolidation but the political cycle calls for maybe a more modest consolidation so it has to be a balance between the two", Subramanian told journalists after the survey was released.

The Economic Survey 2017-18 presented in Parliament by Arun Jaitley informs that as on December 2017, there were 9.8 million unique GST registrants slightly more than the total Indirect Tax registrants under the old system (where many taxpayers were registered under several taxes).

The government said growth in exports, attributed to an overall improvement in the global economy, and the liberalization of foreign investment rules in India were responsible for an acceleration of growth toward the end of the current fiscal year after a sharp dip in the first half of the year.

It said that India can be rated as one of the best performing economies in the world as the average growth during last three years is around 4 percentage points higher than global growth and almost 3 percentage points higher than that of emerging markets and developing economies.

India remained the 8th largest exporter in commercial services in the world in 2016 with a share of 3.4%.

"In the last three fiscal years, India experienced a positive terms of trade shock". The budget is expected to step up funding of rural development programmes and help small businesses in the run up to the general election.

The average crude oil prices, which have already risen by 14 per cent in 2017-18, can see a further rise of 10-15 per cent in 2018-19, thus having a significant impact on the GDP of the country.

"The economy will start reaping benefits of these reforms in the next fiscal year and we look forward to continuity in the reforms process displayed by the "government", said Rashesh Shah, president, Federation of Indian Chambers of Commerce".

Climate change could reduce agricultural incomes by up to 25 per cent. FTAs on e-Tourist Visa grew by 143 per cent to 10.8 lakh in 2016, and further grew by 57.2 per cent to 17.0 lakh during 2017.

The broader NSE Nifty end 0.55 percent higher at 11,130.40, after rising as much as 0.92 percent to a record high of 11,171.55.

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