The release of the much awaited Goods and Services Tax (GST) discussion paper by the Empowered Committee of State Finance Ministers is a welcome step forward in the reform of the indirect tax regime in India. However, the paper falls far short of expectations. The GST design the State Finance Ministers (SFCSs) have opted for is a compromise, which could prove to be neither good economics nor good politics.
Indian diplomats are expected to meet Australian officials in a bid to difuse diplomatic tension between Canberra and New Delhi after the murder of 21-year-old Indian migrant in Melbourne.