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BLOOD BATH - Peeping into yhe causes

The world economies are passing through very difficult time. It is a worst economic crisis as compared with the great depression of 1930’s., The developed world is going to an inevitable recession, the global economy is going to experience a slow down,the credit market is in a big crisis and there will be a massive credit contraction in developed countries of the world and sub emerging world. Stock market all over the world crashed without exception from developed countries to emerging markets. Currency market has been experiencing a turbulent time. Though it started to show its effect only the middle of 2008, it is expected that the intensity and effect to the grass root level of economy can be experienced during march 2009.We had a difficult time and in this global financial turmoil, the government even in the wealthiest nation had to come up with rescue packages to bailout their financial system. What will be the reason for al these?. This paper is trying to have a quick look into i

Goods and Service Tax: Whether the dream becomes a reality?

The attempt to set future agenda for ensuring inclusive growth through rural development by the Manmohan Singh headed central ministry is laudable. The development of agriculture, industry, infrastructure and service need pumping of huge volume of money and immense support from the government. If the government wishes to mobilise funds from the direct tax sources by increasing the rate would be a preposterous proposal. The increased government borrowings are the need of the hour as the economic situation becoming vulnerable and the present source is highly dangerous. Thus challenge of finding new sources of funds before the government would be of immense magnitude. With the new taxation system, the government can generate additional revenues from indirect taxes without enhancing the existing tariff. The fact is that indirect tax is one area where very fewer reforms have been made over a couple of decades. Kelkar, Chairman of the 13th Finance Commission has evolved an excellent and