December Elections Weigh On Gujarat; FY13 Budget Offers Tax Sops To Middle Class, Poor

Election year budgets have never failed to disappoint the middle class and the poor in India.   In that context IndiaSpend’s Dhritiman Gupta finds that Gujarat’s budget for financial year 2012-12 (April-March) has lived up to the expectation of this main voting populace.   Gujarat’s Finance Minister Vajubhai Vala has offered tax reliefs that would … Continued ...

India’s 10 Most Indebted States

Debt is not bad. Many firms raise large chunks of it in their growth and expansion phases. Some ease out of it with time. Others struggle. But while the stakeholders – banks, financial markets and shareholders – can technically put pressure on a firm to course-correct, it’s not the same or as simple with the … Continued

Maharashtra Taxes Beedis But Salary Bill Goes Up In Smoke

India’s most industrialised state (some may disagree) presented its State Budget last week. While Maharashtra is the most indebted state in the country at Rs 2,28,590 crore, the state has taken some serious first steps to improve its balance sheet.   For starters, it slapped a 12.5% tax on beedis, something perhaps contemplated earlier but … Continued

Maharashtra’s Municipal Accounting Whodunit

SPR Foundation in an earlier report had highlighted how it was near impossible to get a consolidated view of a state’s finances. A new Comptroller & Auditor General (CAG) report shows how municipal corporations, in addition to the state public sector undertakings (PSUs) we reported on, are an equally critical missing link in the overall accounting picture.   The problems are … Continued