{"id":86218,"date":"2019-08-19T16:07:17","date_gmt":"2019-08-19T10:37:17","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=9295"},"modified":"2019-08-19T16:07:17","modified_gmt":"2019-08-19T10:37:17","slug":"pm-economic-advisory-council-need-to-set-up-gst-council-like-body-for-public-spending","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/pm-economic-advisory-council-need-to-set-up-gst-council-like-body-for-public-spending\/","title":{"rendered":"PM Economic Advisory Council: Need to set up GST Council-like body for public spending"},"content":{"rendered":"\n<ol class=\"wp-block-list\"><li>The Economic Advisory Council to the Prime Minister(EAC-PM) has recommended a GST Council-like mechanism for the Centre and states to oversee public expenditure.<\/li><li>EAC has said that fiscal consolidation issue as a reason behind this recommendation.The Centre\u2019s fiscal deficit for 2019-20 is 3.3% of GDP.&nbsp;<\/li><li>Hence,there are limits to public expenditure as there is a fiscal deficit issues.But focused and strategic expenditure by the Centre and states together could yield efficiency gains.<\/li><li>EAC has also suggested the government to streamline and harmonise the Goods and Services tax(GST) rates.<\/li><li>They have also recommended a reduction in direct tax rates.But this can be done only when both corporate and income tax exemptions are removed.<\/li><li>PM-EAC is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.<\/li><li>The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint.It advises the Prime Minister on economic issues like inflation, microfinance, and industrial output.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>The Economic Advisory Council to the Prime Minister(EAC-PM) has recommended a GST Council-like mechanism for the Centre and states to oversee public expenditure. EAC has said that fiscal consolidation issue as a reason behind this recommendation.The Centre\u2019s fiscal deficit for 2019-20 is 3.3% of GDP.&nbsp; Hence,there are limits to public expenditure as there is a&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/pm-economic-advisory-council-need-to-set-up-gst-council-like-body-for-public-spending\/\">Continue reading <span class=\"screen-reader-text\">PM Economic Advisory Council: Need to set up GST Council-like body for public spending<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127],"tags":[3585,3796],"class_list":["post-86218","post","type-post","status-publish","format-standard","hentry","category-economy","tag-pmeac","tag-public-expenditure","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700786086,"cached_date":1704286600},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=86218"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86218\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}