New Delhi: Implementation of Goods and Services Tax (GST) and expansion of Direct Benefit Transfer (DBT) scheme can be game changers as far as revenue collection is concerned, says the Economic Survey for 2014-15.
"Several reforms have been undertaken and more are on anvil. The introduction of GST and expanding direct benefit transfers can be game changers," the Survey said.
"...Going forward, enhanced revenue generation is priority. The implementation of a well-designed GST and other tax reforms would play a crucial role in this regard," it added.
The survey also stressed on the need for increasing overall revenue to GDP ratio.
Touted as the single-biggest indirect taxation reform since independence and a "win-win" for Centre and states, the 122nd Constitution Amendment Bill for Goods and Services Tax (GST) was tabled by Finance Minister Arun Jaitley in the last Winter Session after extensive discussions to get states on board by addressing their concerns.
Meanwhile, the government had recently said it will start cash transfer under all central schemes directly to beneficiaries by April.
CRISIL had also recently said that DBT is likely to prove to be a game changer in food subsidy.
"We estimate that DBT could help the government save as much as 20 per cent (or Rs 25,000 crore) in food subsidy expenditure by eliminating costs associated with procuring, distributing and storing foodgrains," it had said.
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