Arvind Subramanian cleared the doubts of the law makers pertaining to the to the new tax regime
The Delhi Legislative Assembly on Monday held an orientation programme for its MLAs on State Goods and Services Tax (GST). Chief Economic Advisor Arvind Subramanian addressed the legislators on the subject matter.
The Aam Aadmi Party government has called for a one-day session of the assembly on May 31 for the passage of the State Goods and Services Tax Bill. The new tax regime is all set to come into effect across the nation from July 1.
Subramanian cleared the doubts of the law makers pertaining to the to the new tax regime.
He explained the benefits of GST. "GST will bring uniformity. I feel there won't be any revenue loss to states, it is the best model."
Subramanian also explained to the legislators about the GST standard rates and also about the compensation provisions to states in case it suffer any loss due to implementation.
He stressed that one of the big benefits of GST is that it will curb corruption by reducing tax evasion incidents. Delhi Deputy Chief Minister Manish Sisodia today raised concerns over real estate and liquor industry being left out of the GST ambit and suggested it was done because they were being run by "influential people"
SN Sahai, Principal Secretary (Finance), who was also present there, stated that it is a big tax reform and said that with the implementation of cost of goods will come down. "We expect positive impact of GST," he said.
The programme has been organised as Ram Niwas Goel, Delhi Assembly Speaker was keen that the members are better equipped to discuss the GST Bill when it is taken-up for consideration on May 31 in the legislative assembly. Goel said, "In last few days various states have passed it but most legislator are not aware of GST. So I thought to organise a workshop."
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