There was a time when the Government of India told companies in certain key industries how much to make, where to sell it and at what price. Those days now lie in the mists of unpleasant memory, but businesses today could be forgiven if they fear the return of the fell hand of officialdom in the nitty-gritty of corporate decision-making.
Three moves over the past eight months reinforce this notion. They are: Anti-profiteering rules under the goods and services tax (GST); the income tax (I-T) department’s ruling that online retailer’s discounts and marketing expenses be reclassified as capital expenditure; and the
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