NEW DELHI: Calling Goods and Services Tax (GST) a bold new experiment, the pre-Budget Economic Survey today pitched for including land and other immovable property - the key source of black money creation - in the indirect tax regime to help propel GDP growth to 8-10 per cent. "It appears that the GST will probably be implemented later in the fiscal year," the pre-Budget document said. "The transition to the GST is so complicated from an administrative and technology perspective that revenue collection will take some time to reach full potential. "The lack of such pressures especially from the states was surprising since they were guaranteed compensation by the Centre," it said. "Evidently, even a dream combination of being able to trumpet low taxes without suffering revenue losses was not considered politically attractive."

Source: Economic Times January 31, 2017 11:08 UTC