Prime minister’s financial advisor Bibek Debroy stated that goods and services tax would take at least 10 years to become normal and manageable. The advisor stated this fact in the annual general meeting and said that if the country expects the GST to settle before 10 years then there will be a mistake in our understanding.
He mentioned the fact that the GST is a very complex system and would definitely take time to become normal. He said that there are 7 countries where the GST has been adopted, in which five countries are there which have adopted it in the unitary state while 2 countries have implemented it in a federal state. India is one of them.
He was seen very optimistic regarding the implementation of GST and assured that the tax system will certainly reap its benefits in near future to the economy of the country. He was seen discussing over the multiple tax slabs in which he asserted the facts of minimizing the tax slabs for the lesser confusion among the taxpayers and industries.
Union finance minister Arun Jaitley recently mentioned that the tax slabs might get reduced and the 18 percent and 28 percent slab rate may get join into one.
