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CEA Arvind Subramanian says, GST may have fewer rates in future by collapsing 12 & 18 percent tax slabs into one

Chief Economic Adviser, CEA, Arvind Subramanian has said going forward the Goods and Services Tax,GST , may have fewer rates by "collapsing" 12 percent and 18 percent tax slabs into one.

While delivering a lecture at the ICFAI Institute of Higher Learning in Hyderabad , he said I am confident that over the next 6-9 months the (GST) system will stabilize. It will also be a model for other countries to emulate... Then, over time, the 12% and 18% rates 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, said Subramanian at the ICFAI Institute of Higher Learning in Hyderabad.


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.

 

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