Prime Minister's Economic Advisory Council (PM-EAC) Chairman Bibek Debroy has said the Centre neither has the leeway to cut taxes nor it has space to hike Goods and Services Tax (GST) rates to increase revenue and that no big bang reforms are expected in budget 2020. Centre's hands are tied as it does not have the fiscal leeway to cut personal income tax to give a push to consumption, he said. Debroy said this is not the right time to hike GST rates when (GDP) growth rates are very low as it could slow down the economy further. Rajeev Dubey, Editor, Business Today elaborates. Watch the video for more.
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