Top News
GST major factor in fiscal’s GDP, cooperative federalism: CEA
New Delhi, Jan 29 (IANS) Implementing the landmark Goods and Services Tax (GST) overhauling the 70-year indirect tax regime is a major factor in the Economic Survey’s projecting a GDP growth of 6.75 per cent in the current fiscal, at a rate higher than that estimated by the official statistician, Chief Economic Advisor Arvind Subramanian said on Monday.
The Economic Survey 2017-18, authored by Subramanian and tabled in Parliament on Monday. has listed the other factors underpinning its growth estimate as the ongoing moves to resolve the issue of non-performing assets (NPAs), or bad loans, of state-run banks, the recapitalisation plan for these banks, the recent easing of foreign direct investment rules and boosting of Indian exports amidst global recovery.
“Looking at the achievements of the past year, the launch of the transformational GST was certainly the major one,” Subramanian told reporters here referring to the single national tax that replaced the earlier multiple central and state taxes from July 1.
“There were bound to be teething challenges with such a major reform and mid course corrections were taken,” he said.
The Survey said: “With a policy change of such scale, scope and complexity, the transition unsurprisingly encountered challenges of policy, law, and information technology systems, which especially affected the informal sector. Expeditious responses followed to rationalize and reduce rates, and simplify compliance burdens.”
GST made 2017 the most significant year for the economy since Independence, realising the dreams of the pre-Independence nationalist bourgeoisie of a unified market in a federal system. The reform, however, came accompanied with pain for trade and industry caught off-guard by the rigours of new compliance procedures.
The new indirect tax regime has four tax slabs of 5, 12, 18 and 28 per cent.
The second half of last year saw a radical reworking of the items within the four-slab tax structure by the GST Council, whereby all but 50 of over 1,200 items remained in the highest 28 per cent bracket. Those retained included luxury and sin items, the cess on which goes to fund the compensation to states for the loss of revenue arising from implementing GST.
The task now is to stabilise the working of the GST, Subramanian said, adding that the working of the Council headed by the Union Finance Minister demonstrated how “cooperative federalism” is working successfully.
“The GST Council’s working..from the quality and tenor of its discussions, shows how cooperative federalism can really work,” the CEA said.
“It also shows the way of how reforms can be done at the state level. GST, cooperative federalism are technologies that can be used to do reforms in states in other areas (apart from indirect taxes),” he added.
Subramanian also said that analysis of the GST data revealed that there has been a 50 per cent increase in the number of indirect taxpayers, besides a large increase in voluntary registrations.
Besides, data on the international exports of states also suggests a strong correlation between states’ export performance and their standard of living.
–IANS
bc/bg
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
