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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
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Fewer GST Slabs Possible in Future, says Chief Economic Adviser Subramanian
File photo of Chief Economic Advisor Arvind Subramanian.
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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.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Mayur Borah
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