Need to reduce centrally sponsored schemes to improve spending: N K Singh

Revenue buoyancy continues to be weak in the area of indirect tax, said Singh

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Budget 2019: Fifteenth Finance Commission Chairman N K Singh has said the number of centrally sponsored schemes currently exceeds 150 that needs to be reduced for better spending, as revenue buoyancy in indirect taxes remains weak.

"The central outgo is spread over 700 different outlay schemes. The number of centrally sponsored schemes exceeds 150. We need to thin this spread for better spending. Revenue buoyancy continues to be weak in the area of indirect tax," said Singh, at the SKOCH Summit on 'ModiNomics 2.0' held on Saturday.

He said the Goods and Services Tax (GST) needs to be watched carefully in the years to come. Compliance needs to be raised and leakages minimised.

"We cannot talk about macroeconomics leaving out important area...read more

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