He said that it is difficult to maintain a GST in a country like India, although at the same level tax evasion will be required on essential commodities and luxury goods.
Chief Economist Advisor Arvind Subramanian said on Friday that the GST rate slab will go down further and Petroleum Products will be brought under Goods and Services Tax with the help of states.
He said, "In the next few months and years it will be ... and work cooperatively", he said in response to the question that when petrol and diesel are in the GST area and the states will agree for such a move.
(Petroleum Ministry has written a letter to the GST Council to GST Council which wants petrol and diesel to bring under GST, which is unlikely to be good with some state government because they are the main income tax on fuel, petrol and diesel. The other important recovery is the excise duty component. Pump prices are expected to fall if the fuel is brought under GST.)
Sreesum Babaman, who earlier said in the ICFAI Foundation for Higher Education in the lecture on 'Economic Policy Making in the Government', that it is difficult to have a GST rate in a country like India, however, it is essential to tax commodities and luxury items at the same level.
But the country is moving towards lower rates, he said. "What we have done [28] rates are broken [so] that they are only luxury consuming items, then overtime, 12 and 18% [slab] might break at one rate. We will see lower rates," he said.
When this is likely to happen, he said: "We should be comfortable and comfortable with income, I think we will find more ease in the next few months." One more question about the proposal to change the financial year from April - January to December, he said no decision has been taken yet.
In the context of the increasing popularity of the crypto currency, Mr. Subramanian said that officially Bitokon has been banned and the government has the privilege of issuing only currency. People, he added, would also trust the sovereign currency.
Chief Economist Advisor Arvind Subramanian said on Friday that the GST rate slab will go down further and Petroleum Products will be brought under Goods and Services Tax with the help of states.
He said, "In the next few months and years it will be ... and work cooperatively", he said in response to the question that when petrol and diesel are in the GST area and the states will agree for such a move.
(Petroleum Ministry has written a letter to the GST Council to GST Council which wants petrol and diesel to bring under GST, which is unlikely to be good with some state government because they are the main income tax on fuel, petrol and diesel. The other important recovery is the excise duty component. Pump prices are expected to fall if the fuel is brought under GST.)
Sreesum Babaman, who earlier said in the ICFAI Foundation for Higher Education in the lecture on 'Economic Policy Making in the Government', that it is difficult to have a GST rate in a country like India, however, it is essential to tax commodities and luxury items at the same level.
But the country is moving towards lower rates, he said. "What we have done [28] rates are broken [so] that they are only luxury consuming items, then overtime, 12 and 18% [slab] might break at one rate. We will see lower rates," he said.
When this is likely to happen, he said: "We should be comfortable and comfortable with income, I think we will find more ease in the next few months." One more question about the proposal to change the financial year from April - January to December, he said no decision has been taken yet.
In the context of the increasing popularity of the crypto currency, Mr. Subramanian said that officially Bitokon has been banned and the government has the privilege of issuing only currency. People, he added, would also trust the sovereign currency.
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