India- GST will be a game changer in long, but in short run it is messy, disruptive & poor in revenue performance
Date
1/16/2020 5:16:16 AM
(MENAFN- KNN India) GST will be a game changer in long, but in short run it is messy, disruptive & poor in revenue performance
Kolkata, Jan 16 (KNN) The former Chief Economic Adviser (CEA) to the Centre, Ashok Lahiri, has said that while Goods and Services Tax (GST) GST will prove to be a game-changing reform over medium to long term, in short run it has proved to be 'messy and disruptive and poor in revenue performance".
He was speaking at a conclave organized by the Bengal Chamber of Commerce and industry (BCCI).
Lahiri pointed out that the GST Network (GSTN) was not fully ready when the new tax regime was launched in July 2017. He also came down heavily on the hurried decision of providing compensation package for the states.
He further said that barely six weeks before the launch of GST, the tax rates were not decided and the specific rule needed to enforce the CGST, SGST and IGST laws were not settled.
While commenting on economic development, he said, 'The country lacks adequate capacity to deliver basic social services like law and order, education and health and physical services such as roads, water supply, sanitation and electric supply.
He further stated: "The capacity of the government has surely improved since independence but there are miles to go before we can remove our sharp focus on this important element in policy implementation."
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