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.
Delivering a lecture at the ICFAI Institute of Higher Learning in Hyderabad yesterday, 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.
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.
