Which of the following committees has submitted its report on ‘Possible Tax rates under GST’?
[A]Jayati Ghosh committee
[B]Abhijit Banerjee committee
[C]Arvind Subramanian committee
[D]Kaushik Basu committee
Arvind Subramanian committee
The Arvind Subramanian committee has submitted its report on ‘Possible Tax rates under GST’. It has recommended standard rate for Goods and Services Tax (GST) at 17 to 18 per cent. It also recommended the revenue-neutral rate of 15 to 15.5 per cent. It is a single rate at which there will be no revenue loss to the centre and states in the GST regime. The union government had set up the committee under chairmanship of Chief Economic Advisor Dr. Subramanian in June 2015 to arrive at GST rates by factoring in the economic growth rate, taxpayer base and tax compliance levels.