Minister of Finance & Corporate Affairs, Arun Jaitley said in Rajya Sabha, “GST Bill will empower the states, will increase revenue of states as well as Centre. It’ll ensure that there is no double taxation”.
Former Finance Minister, P. Chidambaram said, “The heart of the bill is what will the rate of tax be”.
In high income countries, the average GST rate is 16%, in emerging market economies like India it is 14.1%. The standard rate should not exceed 18% to make GST non-inflationary, Chidambaram added.