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Parthasarathi Shome: Pushing forward on GST

Two events suggest GST is moving back to the forefront of policy reform

Two events took place in June that should mean something in terms of moving the good and services tax (GST) forward from the back burner. The first was a frank speech by Sushil Modi, Chairman of the Empowered Committee (EC) of states’ finance ministers that oversees their preparations for GST. The second was the set of hearings on GST at the Standing Committee on Finance of Parliament chaired by Yashwant Sinha. Mr Modi rightly pointed to why a GST is needed, among them, (1) to correct for existing limitations of the CENVAT-VAT structure, the Centre being truncated to taxing up to the ...