The GST imbroglio

The Goods and Services Tax (GST) imbroglio is going from bad to worse and the one per cent additional cascading tax is like a kiss of death. Once it is accepted, knowing our politicians, it will never be repealed, messing up the system forever. One pragmatic solution could be to increase the GST Council approved GST rate by 0.5 per cent and let the central government agree to compensate all states 100 per cent for any loss of revenue for five years. But there should be no one per cent additional tax. At one stage, Finance Minister Arun Jaitley had stated that “ the ideal is often the enemy of the good”. That is true. But it is equally true that “ bad is always the enemy of the good.” The one per cent additional tax has no redeeming features. It has to go. – www.business-standard.com

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