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GST rates will have no inflationary impact: Arun Jaitley

Dismissing speculations of inflationary trends as an effect of the imposition of GST, the FM Arun Jaitley announced on March 29, 2017, that the tax rate applicable will remain unchanged even after the imposition of GST. Expected to be rolled out on July 1, 2017, the bill awaits the approvals of the parliament and the state assemblies to be rolled out across India in order to attain the goal of one tax-one nation. While, the FM also emphasised on CGST to empower the centre to levy taxes, as the excise duty, service tax and additional customs subsume with the imposition of GST. In addition, the government will impose an extra cess on luxury goods like tobacco, high-end cars, aerated drinks, which will further be used to compensate for the loss of revenue of the states, under the compensation law.

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