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KPMG on Saturday maintained that the devolution of tax revenues to States is a “giant step” towards “empowering” them with additional funds. This will lead to local developments.
According to a statement on GST issued by Sachin Menon, CO-Tax and Head of Indirect Tax, KPMG in India, the Finance Minister could have taken the opportunity to address the States’ concerns (on loss of revenue) post the introduction of GST.
“Devolution of the tax revenue to the states (including state taxes) is giant leap towards empowering states with additional funds to lead local developments. I wish this opportunity could have been leveraged by the FM to address the states revenue concern on introduction of GST, so that it could have taken out resistance to GST, if any,” he said.
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