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Source: The Economic Times · 7 Apr 2019The Congress election manifesto has called for a ‘single, moderate, standard rate’ of goods and services tax (GST). It might have theoretical appeal, but can hardly be a practical proposition in a large diverse economy, and could be regressive. Revenue collections under GST have reportedly added up to ₹1.06 lakh crore for March, a credible 15.6% higher than collections in the same period last year. Yet, GST remains a work-in-progress. The two middle rates of 12% and 18% probably could be compressed and lowered, and the peak rate of 28% axed.
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