Government Asks States To Borrow Rs 2.35 Lakh Crore To Meet Tax Shortfall

The government on Thursday asked state administrations to raise $32 billion in loans, as part of a proposal to cover a shortfall in fiscal receipts that could see a surcharge on the country's luxury goods tax extended beyond 2022. The surcharge on luxury goods such as cars and tobacco products is part of the national goods and services tax (GST), introduced in 2017 to incorporate state-level taxes and whose receipts fell more than 40...