New Delhi : The entire goods and services tax “process” may take more than 10 years to settle down, said Bibek Debroy, the chairman of the Economic Advisory Council to the Prime Minister.
“There are about 140 countries who have implemented a VAT, but there are only about seven countries which have implemented a GST…Out of these seven countries, only two have anything that is remotely like a federal GST. The others are all unitary GSTs. India is one, and the other one is Canada, which still does not have a perfect GST,” Debroy said.
“So, therefore, GST is a process, and if we expect the entire process will settle down in anything less than 10 years, I think we are being very unrealistic,” Debroy added.
The GST has seen some teething troubles since it came into force on July 1. It has also come under criticism from some quarters for having too many tax slabs.
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