Finance Minister Arun Jaitley’s fifth Budget is being prepared under the most unusual circumstances. Estimating the tax revenue collections has always been a challenging task for makers of the Budget even in normal years. That challenge has now become more formidable with the roll-out of the goods and services tax (GST) from July this year. It is true that mandarins in the Union finance ministry won’t have to worry about the excise and service tax rates for the coming year; that job now rests with the GST Council. But that advantage has been nullified by the uncertainty associated with tax
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