19 C
New Delhi
Thursday 9 April 2020

Fewer GST slabs possible in future: Arvind Subramanian

Editorials

In India

Lockdown may be extended with ‘change in work style’

While the parties were near anonymous about extending the lockdown, Prime Minister Narendra Modi raised the concerns of DBT and emphasised the need to work differently to run the economy

Lockdown to end on schedule, hints PM; list 10 KRAs, union ministers told

Today's meeting of the prime minister with his colleagues in the union ministries raises hope for the economy even amid the apprehension that the nation might not be able to break the chain of the COVID contagion by 14 April

Hyderabad: Chief Economic Adviser (CEA) Arvind Subramanian today said going forward the Goods and Services Tax (GST) may “probably” have fewer rates by “collapsing” 12 per cent and 18 per cent tax slabs into one.

He said the new tax regime, rolled out from July 1, will stabilise in the next six to nine months and become a “model” for other countries.

“I am confident that over the next six to nine months the system will stabilise. It will also be a model for other countries to emulate…

“Then over time, the 12 per cent and 18 per cent rate can probably be collapsed into one rate. So over time we will see fewer rates. We would not ever have one rate because that is too difficult to achieve,” he said.

The CEA was delivering a lecture at the ICFAI Institute of Higher Learning here.

Admitting there were some technical glitches in the filing systems under the regime, he said the new system is a bit “complicated” as states have different IT systems and these issues are being addressed by the GST Council.

Subramanian described the GST implementation as a “transformational fiscal reform” that the country had not seen in the past.

“The Centre and every state has its own tax officials and own IT system. I can’t tell you how complicated the system is. So the fact is the transitional glitches, I think, is not surprising. Perhaps I think we could have done better.

“But the most important thing for the GST Council is to decide all these things and take corrective action,” he said when asked about technical glitches the taxpayers were facing.

Coronavirus worldwide update, with focus on India, LIVE

Since the facts and figures related to the novel coronavirus disease 2019 (nCOVID-19, COVID-19 or COVID) are changing by the minute, Sirf News has begun this blog to keep the readers updated with information coming from authentic sources

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Articles

China Is Guilty, But How Will World Retaliate?

The attack has to be calibrated as the world has invested heavily in China and that country, in turn, has markets worldwide, making your own economy vulnerable when you take measures against Beijing

Sewa In COVID Times: Living ‘Service Before Self’ Credo

Sewa International volunteers were first off the starting block, setting up non-medical helplines for the four regional areas — West Coast, East Coast, Midwest, and Southwest — for a coordinated national response, where people can call in for assistance

United States & India: Same COVID, Different Prescriptions

The different social structures, experiences in the leaders of the two countries, variation in the degree of political capital, etc make India and the US react differently to the global COVID pandemic

China Is Guilty, But How Will World Retaliate?

The attack has to be calibrated as the world has invested heavily in China and that country, in turn, has markets worldwide, making your own economy vulnerable when you take measures against Beijing

Sewa In COVID Times: Living ‘Service Before Self’ Credo

Sewa International volunteers were first off the starting block, setting up non-medical helplines for the four regional areas — West Coast, East Coast, Midwest, and Southwest — for a coordinated national response, where people can call in for assistance

United States & India: Same COVID, Different Prescriptions

The different social structures, experiences in the leaders of the two countries, variation in the degree of political capital, etc make India and the US react differently to the global COVID pandemic

For fearless journalism

%d bloggers like this: