Former Chief Economic Advisor Arvind Subramaniam analyses the recent GST rationalisation. He states the tax has become "more good and more simple" with the removal of the 28% slab, but cautions, "we’re still some ways away from reaching that goal." Subramaniam estimates a potential annual revenue loss of one and a half to two lakh crores for the overall kitty, which will permanently affect the country’s fiscal situation. He discusses the persistence of the ‘inspector Raj,’ which he suggests has become marginally worse post-GST. He also addresses why these reforms, which he says should have been done eight years ago, were delayed and argues against bringing petroleum under the GST framework to protect the states’ fiscal sovereignty in a climate where cooperative federalism has weakened. #gst #gstrates #gstreforms #indianeconomy #arvindsubramaniam #taxreform #fiscalpolicy #economy #businessnews #taxation #inspectorraj #economicpolicy #gstcouncil #finance #india
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