GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Decentralise GST Implementation, Says Former RBI Governor Bimal Jalan

Describing the Goods and Services Tax (GST), rolled out nationwide on July 1, as an extremely important steps that the government has taken, Jalan said proper implementation of the new indirect tax regime would take some more time.

PTI

Updated:October 30, 2017, 7:39 PM IST
facebookTwittergoogleskypewhatsapp
Decentralise GST Implementation, Says Former RBI Governor Bimal Jalan
File image of former RBI governor Bimal Jalan.
Loading...
New Delhi: Former RBI Governor Bimal Jalan has suggested that the implementation of GST should be decentralised as priorities of the rich and the poor states are different.

Describing the Goods and Services Tax (GST), rolled out nationwide on July 1, as an extremely important steps that the government has taken, Jalan said proper implementation of the new indirect tax regime would take some more time.

"Priorities of rich states like Maharashtra and poor states Bihar are going to be different... There are different parties in states and the Centre, so we have to decentralise the implementation of GST," Jalan told PTI.

States' revenues will differ, he noted, if one is producing high tax products and another producing low tax products.

Revenue Secretary Hasmukh Adhia had also said recently that GST which amalgamates more than a dozen central and state levies like excise duty, service tax and VAT, will take about a year to stabilise.

Nearly four months since its introduction, the new indirect tax regime has shown teething troubles and compliance issues, which the GST Council -- the highest decision-making body of the new regime -- is addressing through several rounds of changes.

To ease hassles facing medium and small businesses in paying taxes and filing GST returns, it has tweaked various aspects of the new indirect tax regime to make it industry friendly.

Also, the GST Council has rationalised rates on over 100 commodities and made refund process easier for exporters.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,101.30 -4.34
Indiabulls Hsg 653.80 -17.10
Dewan Housing 210.55 -10.75
Yes Bank 217.90 -6.04
Bajaj Finance 2,140.50 -0.47
Company Price Change %Gain
Sudarshan Chem 385.05 2.64
Indiabulls Hsg 654.25 -17.06
Reliance 1,101.65 -4.11
Dewan Housing 211.80 -10.37
Yes Bank 217.70 -6.06
Top Gainers
Company Price Change %Gain
ITC 289.45 1.05
HUL 1,578.40 1.05
Kotak Mahindra 1,198.95 1.95
HPCL 215.90 4.15
Wipro 323.15 0.00
Company Price Change %Gain
Sun Pharma 608.40 2.52
Kotak Mahindra 1,198.50 1.74
Vedanta 211.15 1.51
HUL 1,579.20 1.16
ITC 288.45 0.73
Top Losers
Company Price Change %Gain
Indiabulls Hsg 653.80 -17.10
Yes Bank 217.90 -6.04
Bajaj Finance 2,140.50 -0.47
Hero Motocorp 2,712.75 -3.38
BPCL 283.55 -0.56
Company Price Change %Gain
Yes Bank 217.70 -6.06
HDFC 1,661.30 -4.32
Reliance 1,101.65 -4.11
Hero Motocorp 2,711.00 -3.70
Infosys 682.60 -3.11

Live TV

Loading...
Loading...