The 14th meeting of the GST (Goods and Services Tax) Council to be chaired by Union Finance Minister Arun Jaitley begins here on Thursday, an official statement said.
"GST will bring about comprehensive reform of the indirect tax regime in the country and a major financial reform to make India a single market", Patnaik said.
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Separately, the Goods and Services Tax Network, the company tasked with running the IT infrastructure for GST, has already migrated taxpayer information from State and central tax authorities to its database. "It is a major financial reform which will convert the entire country into one single market", Naveen said.
The Council over the next two days will fit most of goods and services in either 5, 12, 18 or 28 per cent tax bracket. Expressing similar views, Emami CEO (Finance, Strategy and Business Development) said: "It appears that the rate will benefit us and industry but we need to understand GST (rates) in entirety to comment on the subject. The government will get the benefit of higher revenue efficiency through better compliances", he added.
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"We hope that the country's GDP will increase by 2 per cent following GST implementation. The law will be beneficial for the economy of the state and the Centre", Dash told reporters after emerging from the workshop.
"State and the GoI needs to take people and business community on board before GST is implemented here", said Dar.
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Even the World Bank has said a smooth implementation of the GST could prove to be a significant push to economic activity as growth could pick up to 7.2 per cent in 2017-18 and further to 7.5 per cent in 2018-19. Asked about the projected loss for Odisha, the finance secretary said it would be very hard to estimate the projected loss right now.
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