INDIA SHOULD HAVE a single goods and services tax (GST) rate and "exemption less regimes for both direct and indirect taxes, Prime Minister's Economic Advisory Council chairman Bibek Debroy said on Monday.
The tax collections of the Centre and states combined are just 15% of the gross domestic product (GDP), while the demand for government spending on public infrastructure, education, healthcare and defence is around 23% of GDP, he said.
Debroy's comments come at a time when the GST Council has ceased talking of a single-rate GST system, and the general refrain in policy circles is to settle for two-tothree slabs GST structure, after an ongoing review.
Also, neither the Centre nor the states are keen on including the petroleum products, the key exempted sector, in the GST chain due to huge revenue implications and the reluctance of both to forego the autonomy to fix the rates. "On GST, it is my submission (that) there should be a single rate. I don't think we will ever get it," Debroy said, speaking at an event here.
One argument against fewer GST rates is that such a system will be regressive in nature, because the mass consumption items and luxury goods will then be taxed at par.
Bu hikaye Financial Express Mumbai dergisinin November 08, 2022 sayısından alınmıştır.
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Bu hikaye Financial Express Mumbai dergisinin November 08, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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