India’s new tax regime can become a model for other countries – Subramanian

Hyderabad-Chief Economic Adviser, CEA, Arvind Subramanian described the GST implementation as a “transformational fiscal reform” that the country had not seen in the past.He said going forward the Goods and Services Tax, GST, may have fewer rates by collapsing 12 per cent and 18 per cent tax slabs into one.He was delivering a lecture at the ICFAI Institute of Higher Learning in Hyderabad.Further he said the new tax regime, rolled out from July 1, will stabilise in the next six to nine months and become a “model” for other countries.He admit there there were some technical glitches in the filing systems under the regime, he said the new system is a bit “complicated” as states have different IT systems and these issues are being addressed by the GST Council.