Photo: PTIMumbai: India’s financial hub Mumbai will go to the polls on Tuesday to elect a civic administration that will shepherd it through an expected fall in revenue amid the roll out of the goods and services tax (GST). The regional Shiv Sena is the dominant partner in the city while Modi’s BJP holds the national as well as state governments. Both parties will contest the polls separately with voting between 7:30am to 5:30pm and results due Thursday. Mumbai accounts for about 30% of India’s foreign direct investment, 60% of customs duty collections and 40% of income tax. “Mumbai contributes around 2 trillion rupees in taxes to the nation and most of it is distributed to the economically and financially less-developed regions,” said Anil Parab, Shiv Sena spokesman.

Source: Mint February 21, 2017 03:43 UTC