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1st Feb, 2017GST will hit tax collections, but boost GDP in medium run : Over the medium run, the implementation of GST and enactment of other structural reforms should help the economy realise its real potential GDP growth of 8-10%+ , chief economic advisor (CEA) Arvind Subramanian has said in the Economic Survey. However GST, which will be implemented from July 2017 if the finance ministry sticks to the new deadline, is likely to affect revenue collections adversely, particularly that of the Centre as the states' revenues are guaranteed. The survey pointed out that 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". Combined with the Centre's commitment to compensating the states for any shortfall in their own GST collections relative to a baseline of 14% increase, the outlook must be cautious with respect to revenue collections, the survey said. Source - TOI Business
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