1. GST rollout: China says India needs forceful leadership like theirs to implement

GST rollout: China says India needs forceful leadership like theirs to implement

GST rollout: Passing of GST in India is a big step forward but the country needs a "forceful leadership" like in China, the world's second largest economy, to implement it, a state-run Chinese news agency said today.

By: | Beijing | Published: July 3, 2017 7:55 PM
GST rollout, GST, gst in india, china economy, indian economy, economy of india, implementation of gst, new tax regime, tax, tax rates, tax regime, modi government, narendra modi, narendra modi government, indian government, chinese news agency, indian government policies, government policies, new tax policies, new tax rates GST rollout: Touted as the biggest taxation reform since Independence, GST will unify 16 different taxes including excise, service tax and VAT, and transform India into a single market for seamless movement of goods and services. (PTI)

GST rollout: Passing of GST in India is a big step forward but the country needs a “forceful leadership” like in China, the world’s second largest economy, to implement it, a state-run Chinese news agency said today. The long-awaited Goods and Services Tax (GST) finally took effect in India marking the country’s biggest tax reform since its independence in 1947, an article in the state-run Global Times said. “The main questions now are whether the new tax regime can be effectively instituted across the country’s 29 states and how long it will take,” it said. “With demonetisation and the GST, India has been pushing forward with drastic reforms to unify the country’s economy, and there will inevitably be considerable obstacles,” it said.

“A forceful leadership, which enabled China to implement policies effectively to achieve rapid economic development since the reform and opening-up, is exactly what India needs to ensure full compliance with the reforms throughout the country,” it said. “Given the fragmented market conditions, the country still lags far behind China in terms of policy execution,” it said. “It goes without saying that the GST is a big step in the right direction, and is expected to bring long-term benefits to the country’s economy,” the article said. There is still a long way to go before the grand tax overhaul can be fully implemented, and significant disruption in the tax regime can be expected in the short term, it said.

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Touted as the biggest taxation reform since Independence, GST will unify 16 different taxes including excise, service tax and VAT, and transform India into a single market for seamless movement of goods and services. The powerful GST Council, comprising Centre and states, has recommended a four-tier tax structure — 5, 12, 18 and 28 per cent. On top of the highest slab, a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss in the first five years of GST implementation. State and Union Territory GST laws were passed by all the states and Union Territories of India except Jammu & Kashmir, paving the way for smooth roll out of the tax from July 1.

  1. P
    Panther
    Jul 4, 2017 at 1:56 pm
    What they mean is dictatorship or their kind of military rule where there is no freedom of expression !
    Reply
    1. R
      Rushil
      Jul 4, 2017 at 1:30 pm
      Unlike China, India achieves most of it's policies by consensus. I get it that not everyone will be at the same page so we strive for the majority. And china should stop commenting and interfering in the matters of other countries.
      Reply
      1. M
        Mohammed Mustaq
        Jul 4, 2017 at 1:28 pm
        chinese media should know , India is not a communist country and it does not force any one , It is democratic country , on 30th june the two hands which pressed the GST roll out button was not 2 individuals , they were democratically elected persons so its people of this counrty who pressed GST , and it will Rock !
        Reply
        1. P
          Pankaj
          Jul 4, 2017 at 1:20 pm
          1 they are suggesting for dictatorship 2 In India the biggest game, religion, common agenda is politics.
          Reply
          1. Nrasimha Prakash
            Jul 4, 2017 at 12:53 pm
            China, please know if you do not know already that India is a democratic country and not a communist country. There is a whole lot of difference between the two. Before you start giving sermons to other countries, give democracy to your people. You are stifling the rights of the people in HK and the world is seeing how the people there are reacting.
            Reply
            1. R
              Rushil
              Jul 4, 2017 at 1:33 pm
              Exactly ! HK, Taiwan, South China Sea, Aksai Chin, Xinjiang region, all these regions are forcefully bullied/held by China. It also interferes in the matters of other countries. Recently it imposed an economic blockade on Mon a when it invited the Dalai Lama there until it apologized and agreed never to allow him again.
              Reply
            2. C
              ca bs panda
              Jul 3, 2017 at 10:54 pm
              everyone should help to implement gst quickly
              Reply
              1. R
                Rushil
                Jul 4, 2017 at 1:34 pm
                Agreed !! There are some discrepancies but all new and major policies need time to settle and get adjusted too. Important for the center and the states to work closely
                Reply
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