After being accorded as the toughest and the highest tax rate with 5 tax slabs across the world by the World Bank, Chairperson of Prime Minister's Economic Advisory Council Bibek Debroy has come off with yet another view on GST in India on Monday.
This time it is on its likely settlement or getting organized in the real world in respect of its implementation.
As PTI quoted the minister said, "GST is a process and if we expect that the entire process will settle down in anything less than 10 years, then we are being unrealistic". Debroy said at the annual general meeting of India International Chamber of Commerce.
He said only seven countries in the world had actually implemented the GST system in its true form out of which, five had unitary GST and only two countries, including India, had implemented a federal GST.
"There are very few countries which have implemented GST. There are around 140 countries which have implemented VAT but only seven which have implemented GST," Debroy said. He added that out of those seven, only two countries had implemented a federal GST, the other being Canada whose GST system is also "not perfect".