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GST rollout to bring unprecedented reform: Economic Survey

The Goods and Service Tax (GST) bill has the potential to push India's GDP by 1%-2%

Press Trust of India  |  New Delhi 

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Expressing disappointment over delay in the passage of Goods and bill, the said Friday the roll out of will usher in an "unprecedented reform" in modern global tax history.

"There have also been some disappointments in which need to be retrieved going forward," said the Survey tabled by Finance Minister Arun Jaitley in Parliament.
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will subsume excise, service tax, and other state levies, will bring in a single-rate in the country and is estimated to affect 2-2.5 million and payers.

"Accelerated structural reforms at the Centre, the dynamism of competitive federalism, and good economics with good politics could all combine to maintain the fundamental promise that is India," the Survey said.

The government had originally planned to roll out from April 1, 2016, but the bill in stuck in the Rajya Sabha as is opposed to three clauses on the bill. The ruling does not enjoy a majority in the Upper House.

The has the potential to push India's GDP by 1%-2%.

First Published: Fri, February 26 2016. 14:02 IST