Chief Economic Advisor Arvind Subramanian in conversation with Dr Prannoy Roy said the implementation of GST (goods and services tax) will not broadly increase the prices of goods. A panel led by Dr Subramanian submitted its recommendations on GST last week.
Here are the highlights of what Dr Subramanian said:
Here are the highlights of what Dr Subramanian said:
- GST very messy politically
- Implementation of GST in federal system tough
- Marginal increase in prices of some goods
- Compliance efficiency to help bring down prices
- Moving towards simpler, cleaner tax regime
- Under GST, there is no cascading tax on tax
- GST is a fantastic example of cooperative federalism
- Petrol will become part of GST but at a later stage
- GST will help 'Make in India' by making 'One India'
- GST will cut regulatory delays
- Tax evasion and corruption will fall after implementation of GST
- Delays in transportation of goods across state borders will reduce after GST
- Alcohol is currently outside the GST ambit
- Many taxes will get rolled into one
- See no major rise in tax on nearly all items after GST
- Effective prices of capital goods will fall after roll out of GST
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