Centre’s fiscal outlook faces geopolitical, revenue risks

The article analyzes the Centre's fiscal outlook for 2026-27, highlighting the impact of geopolitical headwinds and recent tax changes, specifically rate rationalization and reduction in Personal Income Tax (PIT) and Goods and Services Tax (GST). It notes subdued growth in gross tax revenues (GTR) in the first quarter, attributing it to these reforms, which initially led to revenue sacrifice despite expectations of future tax base expansion.