GET Stock QuotesNews18 APP
News18 English
»
1-min read

Fewer GST Slabs Possible in Future, says Chief Economic Adviser Subramanian

Chief Economic Adviser (CEA) Arvind Subramanian said the GST regime, rolled out from July 1, will stabilise in the next six to nine months and become a “model” for other countries

PTI

Updated:November 25, 2017, 8:22 AM IST
facebookTwittergoogleskypewhatsapp
Fewer GST Slabs Possible in Future, says Chief Economic Adviser Subramanian
File photo of Chief Economic Advisor Arvind Subramanian.
Hyderabad: Chief Economic Adviser (CEA) Arvind Subramanian on Friday said going forward the Goods and Services Tax (GST) may "probably" have fewer rates by “collapsing” 12 percent and 18 percent tax slabs into one.

He said the new tax regime, rolled out from July 1, will stabilise in the next six to nine months and become a “model” for other countries. The CEA was delivering a lecture at the ICFAI Institute of Higher Learning here.

“I am confident that over the next six to nine months the system will stabilise. It will also be a model for other countries to emulate...Then over time, the 12 percent and 18 percent rate 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,” he said.

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.

“The Centre and every state has its own tax officials and own IT system. I can’t tell you how complicated the system is. So the fact is the transitional glitches, I think, is not surprising. Perhaps I think we could have done better. But the most important thing for the GST Council is to decide all these things and take corrective action," he said when asked about technical glitches the taxpayers were facing.

Also Watch

Read full article
Next Story
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
TCS 3,447.90 +62.25 +1.84
Bharti Airtel 419.20 +12.95 +3.19
ICICI Prudentia 436.85 +18.70 +4.47
NIIT Tech 1,071.00 +74.80 +7.51
Mindtree 1,027.80 +27.85 +2.79
Company Price Change %Gain
Hathway Cable 33.00 -2.50 -7.04
TCS 3,444.60 +58.95 +1.74
Indiabulls Vent 459.50 +30.80 +7.18
M&M Financial 507.25 -3.20 -0.63
Uniply Ind 461.95 +17.90 +4.03
Top Gainers
Company Price Change %Gain
Bharti Airtel 419.00 +12.75 +3.14
TCS 3,445.00 +59.35 +1.75
M&M 850.60 +12.05 +1.44
Coal India 292.00 +1.50 +0.52
BPCL 385.70 +2.00 +0.52
Company Price Change %Gain
Bharti Airtel 419.35 +13.25 +3.26
TCS 3,444.60 +58.95 +1.74
M&M 850.50 +12.05 +1.44
Coal India 291.55 +1.45 +0.50
Yes Bank 323.80 +0.40 +0.12
Top Losers
Company Price Change %Gain
GAIL 327.05 -10.70 -3.17
Vedanta 289.20 -8.20 -2.76
Hindalco 230.95 -5.80 -2.45
Grasim 1,055.05 -25.35 -2.35
Cipla 588.60 -13.30 -2.21
Company Price Change %Gain
Tata Steel 585.90 -12.35 -2.06
ICICI Bank 278.55 -5.65 -1.99
ONGC 179.40 -3.20 -1.75
Maruti Suzuki 8,927.55 -140.85 -1.55
Larsen 1,357.85 -19.60 -1.42