The 15th Finance Commission Chairman NK Singh on Friday said the Goods and Services Tax is an iconic taxation reform that will improve compliance.
“GST was a far-reaching iconic reform related to sharing of resources between the Central and State governments. It is indeed a radical tax reform,” Singh said at the India Economic Forum Skoch event here. “Let it not be misunderstood when many critics have said that the GST is a failure. This is exactly not a failure, this in my view is an outstanding attempt to bring about a radical change in architecture of taxation which will have many multiplier gains in terms of having the simplicity of the tax structure,” he said. In September, the country’s GST collections fell sharply to a 19-month low of ₹91,916 crore.
This was the second straight month of decline in GST collections.
The government had collected ₹98,202 crore as GST in August and ₹94,442 crore mop-up in the same month a year ago.