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Initial problems of GST to be resolved in 2 months: CEA Arvind Subramanian

In his speech at the GST launch, President Pranab Mukherjee said there were bound to be some teething troubles which will have to be resolved quickly.

business Updated: Jul 06, 2017 09:59 IST
Arvind Subramanian, Chief Economic Adviser
Arvind Subramanian, Chief Economic Adviser(PTI)

Chief Economic Adviser Arvind Subramanian exuded confidence of resolving teething problems of GST implementation in one-two months.

“There will be some hurdles initially. But we will be able to remove them in 1-2 months,” Subramanian told media on Saturday after attending the GST rollout ceremony held in Parliament.

Read — GST rollout: A look at tax rates and how it will impact your basic expenses

Describing the GST as a “disruptive change”, President Pranab Mukherjee in his speech said there are bound to be some teething troubles which will have to be resolved quickly to ensure growth momentum of the economy is not impacted.

“Initially, there will be some problems, but both Centre and states are determined to resolve them,” Central Vigilance Commissioner KV Chowdary said.

GST is an important move, he said, adding, it will curb black-marketing and improve ease of doing business.

Asked if prices of some goods will shoot up with GST in place, he said, “That is not correct, when the government has said it is revenue-neutral GST. The government is not earning additional revenue.”

Asked if GST will spur economic growth, Senior BJP leader and former Finance Minister Yashwant Sinha said, “Let’s wait and see. It is difficult to predict at this point of time.”

Read — GST launch: The anatomy of a unified tax regime

AIADMK member Navaneethakrishnan said, “It is the right move. GST will benefit both consumers and traders. Prices will not increase. Tamil Nadu is fully prepared. All infrastructure is in place for smooth implementation.”

“I am happy that the GST has come into existence. There are certain things regarding procedure and there are issues related to rates, we should sit down with traders. I am sure the council will take care of these things,” former West Bengal finance minister and CPM leader Asim Dasgupta told PTI after the GST launch. “I came here with concurrence of my party CPI-M because I was connected with the framing of the GST. I was chairman of Empowered Committee on GST way back in 2009. I find that the framework is still there.”

Watch | India enters GST era: What’s in it for you