The writer is deputy chief minister of Bihar
It would be interesting to see the impact of these overarching and revolutionary recommendations in the times ahead.
Sushil Kumar Modi writes: It is heartening to note that the Centre has not reneged on its promise to find ways to compensate the states for loss of revenue. I think the states should come forward and work with the Centre in the true spirit of cooperative federalism that the Council has come to be known for these past few years.
As GST enters its fourth year, Covid has hit collections. It is time to take measures to prevent the states from slipping into a serious financial crisis. These measures will not only define the future of GST but also the course of the unique cooperative federalism that it has ushered in the country.
In order to identify dealers posing a “hazard” to revenue and do a 360-degree profile of risky taxpayers, a system of regular data exchange with banks, CBDT, ED, RoC and other agencies is being put in place; fraudsters will find it almost impossible to game the system.
Arun Jaitley often let the states argue their position at length, heard every possible viewpoint patiently and resolved the issue by calling for some give and take, but never allowing matters to reach a flashpoint without compromising on the basic principles.
Going by international experience, GST has taken between two to five years to stabilise. In this context, in terms of revenue yield, the Indian GST has done remarkably well.
The period must have a special mention in the Guinness World Records for registering the maximum number, and probably worst forms, of electoral violence perpetrated in this state.
One year on, GST regime has advanced cooperative federalism, helped unify India economically