Are we ratifying fiscal skeptics? – by ankit bhatia

Good afternoon!

Opinion solicited, rather be revisited, subsequent to blog perusal, on veracity of accolades of ‘good’ though! Well  ..  apparently 😉

Apparently, accolades of being ‘good’ would seek rebuttal – post perusal of infra fiscal developments culminating unto – as fiscal skeptics – alike me – were apprehensive !! Proclaiming ‘aggrieved’ status for all of us !

Fiscal / legal developments alerts – are, nowadays, rather culminating unto panic offensives ! Am I phobic ?? No 🙂 Each consecutive notification, though gradual, but is culminating towards same dreaded form – as skeptic’s conjectures were in proliferation !! Flawed ! Flawed ! Flawed !

Still in disguise ?? Seek thou perusal of today’s latest fiscal development – straight from today’s Business Line edition!

At present, the Constitutional Amendment Bill covers all goods and services .. Further, in the case of petroleum and petroleum products, it has been provided that these goods shall not be subject to the levy of GST till a date notified on the recommendation of the Goods and Services Tax Council.

via Business Line.

Still in disguise of a ‘good’ afternoon ??     🙂

Apologies for offending your ‘good’ day, though !! However, I too claim ‘aggrieved’, then! Mine was offended by Business Line 🙂

Post perusal, my initial reaction was – are we ratifying what all pessimistic financial editors or critics – opined ?? Would we be perpetual in flawed fiscal initiatives regimes ??

Well  ..  this seems a systematic assassination of the very cogent rationale – strengthening the very rationale for good service combined fiscal initiative ! Multiple fiscal levy !!

For instance, deriving experience from advisory assignments involving some global real estate developers or massive software corporations, they are already striving under legal ambiguity – attributable to – constitutional validity vs court decisions – regarding legal validity of federal vs state levy on their revenue streams components, consequent multiple levy on value-chain, consequent convolutions in evaluation of investment decisions – attributable to grossly ambiguous legal structure ! To my dismay, I  am aware of global corporations – who were frustrated and were incurring simultaneous fiscal levies – of both union & state – merely to avoid legal hassles! Utter despair – if one puts this in context of claims – to make our corporates – efficient, competitive vs global scenario ! To deteriorate their already dismayed state of convolution, or at least rebuttal of objective of fiscal management convenience behind combined fiscal levy, if value-added credit of fiscal levies (on say petroleum inputs, as per latest alert) is not granted, it will culminate unto multiple fiscal levies ! Since petroleum products comprise substantial component of input cost in any industry ! Consequently, the rebuttal of the very pretext on which the new fiscal reform was manufactured – i.e. – fiscal lacunae of multiple levy – would assertively persist – despite flawed fiscal initiatives being incorporated – after much self proclamation of eradication of multiple levy or fiscal administration convenience !

Well  ..  optimism dwindling gradually  ..  pessimism suppression endeavors in vain ……

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