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Fiscal Federalism

GST Slab Rationalisation: Economic Impact, Challenges and Way Forward

The GST reform aims to simplify the indirect tax regime, reduce compliance costs, and address the inverted duty structure. Despite potential inflation and revenue concerns, this reform is crucial for tax administration, formalization, and cooperative federalism.

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COMPENSATION FOR STATES FOR REVENUE LOSS FROM GST REFORMS

The GST Compensation Cess is an additional tax levied on specific goods and services to compensate states for revenue losses incurred due to the implementation of GST. It was introduced because GST is a consumption-based tax, causing manufacturing states to lose revenue. Initially for five years, its collection has been extended to March 31, 2026.

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