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August 05, 2016

Flexibility left with GST Council welcoming

Rajiv Lall, MD & CEO of IDFC Bank, in this ET Now interviewcomments on the GST Constitutional Amendment Bill, welcoming the flexibility left with the GST Council.

 

“...this is a milestone in the development and evolution of the Indian Federation. This is the first time that through consensus building that we would have built a nation-wide federal understanding of a unified market. So it is politically very significant ... even more so than just for its fiscal and economic implications.

 

When asked about his opinion on how significant the move to drop the 1% additional levy from the Constitutional Bill is, he mentioned that, "It gives a whole measure of flexibility… in the current format there is a huge onus and responsibility that will lie with the GST Council and that will really be political economy in action because it will be negotiated solutions between State Representatives/ State Government and the Central Government that will have to address all kinds of transition related problems, including what rate to charge on top of the integrated GST for inter-state movement of goods and services. And the flexibility that has been left with the Council, ... is, very welcome…” 

 

Watch the full video here

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