Big rate changes unlikely under GST regime, says Arun Jaitley
Big rate changes unlikely under GST regime, says Arun Jaitley
NEW DELHI: Finance minister Arun Jaitley said rates under the new goods and services tax (GST) regime will not be "significantly different" from existing levels, suggesting there will be minimal disruption when it is rolled out on July 1. But any savings should be passed on to consumers, he said.
"We are now in the final stages of fixing tariffs for different commodities. The formula under which it is being done has also been explained and therefore nobody is going to be taken by surprise," he said. "It's not going to be very significantly different," he said, adding that rules and regulations governing GST have been framed.
GST is one of India's most significant economic reforms in decades and will erase barriers between states to create a common market that will lower costs and increase efficiencies, thus potentially boosting growth by 4.2 per cent, according to a US Federal Reserve paper.
Edited By
Shruthi G
Comments