There is nothing moral or immoral about taxation. It is the context that makes it favourable or oppressive. No two countries can ever have ...
There is nothing moral or immoral about taxation. It is the context that makes it favourable or oppressive. No two countries can ever have the same tax policy. It all depends on their comparative strengths and weaknesses and the social, economic and ideological aims that a government wants to pursue.
In September 2019, the Indian economy was in a place arguably worse than it was during the 1991 crisis. The gross domestic product for the September 2019 quarter had slipped to 4.5%, the lowest since 2013. Demand and investment were at a six-year low, manufacturing at a 15-month low, exports were decelerating, banks were saddled with non-performing assets, and core sector companies with untenable debt. After the collapse of the Infrastructure Leasing & Financial Services Limited, shadow banks too had begun to unravel. The worsening macroeconomic situation made the foreign portfolio investors flee the Indian capital markets.
In the midst of a collapsing economy, Prime Minister Narendra Modi was scheduled to hold two round tables with the captains of corporate America during his visit to the United States in late September 2019.
The government of India needed a fix – urgently.
On September 20, 2019, less than 40 hours before the Modi’s Houston event, the government announced a...
