India could be forced to cut spending on key infrastructures such as railways and highways as lower-than-expected tax collections and sluggish growth have upset the government's budget calculations, two finance ministry officials said. Tax receipts were about $7.8 billion in July — a little over half the monthly target — mostly because millions of firms failed to comply with the new Goods and Services Tax (GST) system that harmonises all state and central sales taxes but is still a work in progress. The big worry is that economic growth, which slipped to a ...
Modi govt eyes spending cuts as GST hits tax collection
Tax receipts were about $7.8 billion in July, a little over half the monthly target