GST to settle down in 10 years? Bibek Debroy makes a big statement
GST: Bibek Debroy said only seven countries in the world had actually implemented the GST system in its true form out of which, five had unitary GST and only two countries, including India, had implemented a federal GST.

Prime Minister`s Economic Advisory Council Chairperson Bibek Debroy on Monday said the implementation of the Goods and Services Tax (GST) is a process which would take more than 10 years to settle down.
"GST is a process and if we expect that the entire process will settle down in anything less than 10 years, then we are being unrealistic," Debroy said at the annual general meeting of India International Chamber of Commerce.
He said only seven countries in the world had actually implemented the GST system in its true form out of which, five had unitary GST and only two countries, including India, had implemented a federal GST.
"There are very few countries which have implemented GST. There are around 140 countries which have implemented VAT but only seven which have implemented GST," Debroy said.
He added that out of those seven, only two countries had implemented a federal GST, the other being Canada whose GST system is also "not perfect".
On direct taxes front, the NITI Aayog member made a case for removal with exemptions which he said was on government agenda.
He said a task force has been set up which would look into the issue.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

SBI Highest FD Rates: Know what PSU bank is giving to senior citizens and others on Rs 1 lakh and Rs 2 lakh investment

EPS Pension Calculator: What will be your monthly pension with basic pay of Rs 30,000, 23 years of pensionable service & current age of 35?

Top 5 Midcap Funds by One-time Investment: Rs 1 lakh has grown to at least Rs 3.22 lakh in 5 years; see list, compare SIP returns

Revised New Tax Slabs: How much tax one needs to pay on salaries of Rs 13.75 lakh, Rs 16.50 lakh, Rs 19.25 lakh and Rs 26.75 lakh; see calculations

Top 7 SBI Mutual Funds With Highest SIP Returns in 20 Years: Rs 6,666 monthly SIP investment in No. 1 fund has sprung to Rs 1,40,40,685

Senior Citizen Guaranteed Return Schemes: SBI, BoB, PNB and other banks are providing these interest rates on 1-year, 3-year, and 5-year FDs

Home Loan Interest Saving: How you can save Rs 16.40 lakh on Rs 50 lakh home loan by increasing EMI amount by 5.41%?

SIP vs PPF: Rs 1,40,000/year investment for 30 years; which scheme can generate a higher retirement corpus

Retirement Planning: How one-time investment of Rs 9,00,000 can create Rs 2,70,00,000 retirement corpus
08:29 AM IST