GST revamp: Centre sees consumption boost, better compliance
PM Modi’s GST revamp aims to simplify the tax regime and boost consumption, potentially offsetting short-term revenue impacts. While some states initially opposed major changes fearing losses, the Centre anticipates higher collections through increased economic activity, expecting a Laffer curve effect. The finance ministry is pushing for a GST Council meeting in Sept-Oct to implement the new rates before Diwali.🕒 1 min read
PM Modi’s GST revamp aims to simplify the tax regime and boost consumption, potentially offsetting short-term revenue impacts. While some states initially opposed major changes fearing losses, the Centre anticipates higher collections through increased economic activity, expecting a Laffer curve effect. The finance ministry is pushing for a GST Council meeting in Sept-Oct to implement the new rates before Diwali.
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