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The State Finance Minister, Mr K.M. Mani, has welcomed Goods and Services Tax regime, saying that it will create a win-win situation for all concerned.
WIN-WIN FOR ALL
He said this while delivering the inaugural address on a two-day national seminar on ‘Goods and Service Taxation in India: Fiscal and constitutional issues' organised here on Tuesday. The seminar is being organised by the Gulati Institute of Finance and Taxation (GIFT) and Centre for Parliamentary Studies and Law Reforms, National University of Advanced Legal Studies (Nuals).
The Finance Minister said that GST would help avoid tax on tax and reduce prices for consumers. By simplifying the tax system, law, procedures and rates, it will benefit the trading and business community and enhance compliance.
By broadening the tax base, it will also increase tax revenues of both the Central and the State Governments.
The Minister also opined that with GST and the mechanisms for sharing of tax between the Centre and States in place, the role of a constitutional body such as Finance Commission would become limited.
FISAL AUTONOMY
Delivering the presidential address, Dr N.K. Jayakumar, Vice-Chancellor, Nuals, wondered how the late Dr I.S. Gulati, a dyed-in-the-wool economist and specialist in the Centre-State relations, would respond to the introduction of GST.
According to Dr Jayakumar, the issues relating to fiscal autonomy are still relevant. GST has been introduced in various forms in different parts of the world.
In the Indian context, detailed deliberations about the pros and cons of constitutional and fiscal aspects of GST need to be conducted to customise it to our needs and specificities. This calls for statesmanship of a high order.
Prof Vijayakumar, Vice-Chancellor, Tamil Nadu Dr Ambedkar Law University, pointed out that GST is a globally accepted form of taxation adopted by various nations- unitary or federalist.
“What we are moving towards at is a system where policy making is done at the global level and implemented nationally,” he said.
Earlier, Mr V.P. Joy, Secretary (Finance), welcomed the gathering. Mr Murukesh Kumar, Registrar, GIFT, proposed a vote of thanks.
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