The Goods and Services Tax, to be implemented from next month, will be an exciting development from data point of view and help provide a more complete description of the economic activity, Chief Statistician TCA Anant said.
GST will provide data from the point of production to the point of sale because all these would be captured properly under the new indirect tax regime, he added.
The government proposes to roll out GST from July 1 that will subsume all major levies including excise, service tax and VAT.
The GST network (GSTN) from a data point of view is a very exciting development because it is on [a] single network. The transaction chain is being captured and leaves a lot of exciting possibilities. From the point of view of a statistician, this will eventually give us much more complete description of economic activities.TCA Anant, Chief Statistician
On whether GST will give real time data, Anant replied, "There is data on collection of excise, VAT, service tax and sales tax. We use these in our GDP compilation at various places.”
The new set-up will also give transactional data, movement of goods and services across borders, he said, adding that there will be a lot of information captured on GSTN. "We will presumably get much faster data. But let's see how it comes out."
Also Read: GST Countdown: ‘We Are At The Mercy Of GSTN’
Touted as the biggest taxation reform since the Independence, GST will create a uniform market in the country and is expected to boost GDP growth by about 2 percent besides checking tax evasion.
The powerful GST Council, comprising Centre and states has recommended a four-tier tax structure – 5, 12, 18 and 28 percent for goods and services. On top of the highest slab, a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss in the first five years of GST implementation.
All states have agreed to the GST rollout from July 1.
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