Live
- Man held for posting obscene photos
- iOS 18.2: Apple’s New Battery Intelligence Feature Coming Soon
- PM Modi’s ‘Bharat 6G Vision’ poised to get another booster
- Food stalls raided
- Garena Free Fire MAX Redeem Codes for November 8, 2024
- IT Raids on Ex-MLA Grandhi Srinivas Continue for Third Day in Bhimavaram
- Jharmunda-Boudh section gets CRS nod
- Upcoming Telugu OTT Releases This Week: Devara, Meiyazhagan, Kali
- Trapped leopard rescued
- Vijayawada: Seven police officers get IPS rank
Impact of GST will take time to show results: Bibek Debroy
Collections under the GST, which was introduced in July 2017, has remained mostly below the target.
New Delhi: The impact of GST on growth will take time and results will not be visible overnight, according to Bibek Debroy, Chairman, Economic Advisory Council to the Prime Minister (EAC-PM).
Noting that Goods and Services Tax (GST) is a work in progress, he said that when it was introduced, there were people who said the new indirect tax regime would lead to incremental GDP growth of 1.5-2 per cent.
"This is regarding the fact that the estimate was done by NCAER (National Council of Applied Economic Research) for the ninth Finance Commission for terminal ideal GST, whereas GST -- which is work in progress - may take 20 years. It is not that you are going to get 1.5-2 per cent (additional) GDP growth overnight," he said on Monday.
India's GDP growth rate has fallen to an over 6-year low of 4.5 per cent in the second quarter of current fiscal. Collections under the GST, which was introduced in July 2017, has remained mostly below the target.
The GST collections came in at Rs 95,380 crore in October, down 5.29 per cent from Rs 1,00,710 crore in the same month last year, as per government data.
This was the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite festival season.
