000			02029nam a22001577a 4500
999			_c527849 _d527849
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100			_aAgarwal, Varun, et al _958927
245			_aGST revenue performance: Gainers and losers after seven years
260			_aEconomic & Political Weekly
300			_a37(14), 14 Sep, 2024: p.35-49
520			_aThis article examines seven years of Goods and Services Tax (GST) revenue performance in India. Findings reveal that overall revenues have only recently converged to pre-GST levels, with the union government foregoing up to 1% of GDP in GST revenues annually during this period. The GST has broadly functioned as expected, benefiting poorer states through redistribution. Looking ahead, folding the cess into the regular rate structure could eliminate the need for revenue guarantees to states. The experience of revenue guarantees offers important lessons for fiscal policy design, highlighting both the challenges and opportunities of implementing large-scale tax reforms in a diverse federal system. This article examines in detail seven years of goods and services tax revenue performance. Our main findings are as follows. First, overall revenues have only now converged to pre-GST levels. Second, the union forewent up to 1% of gross domestic product in GST revenues for each of the seven years. Third, the GST has worked broadly as expected to benefit the poorer states. Fourth, going forward, folding the cess into the regular rate structure can ensure that revenue guarantees for the states may not be necessary. Finally, the revenue guarantee experience holds important lessons.- Reproduced https://www.epw.in/journal/2024/37/special-articles/gst-revenue-performance.html
650			_aEconomics, Goods and Services Tax, GST Revenues, Public Finance, Fiscal Policy, Revenue Guarantees, Union Government, State Finances, GDP Impact, Cess Structure, Tax Reform, India _958928
773			_aEconomic & Political Weekly
906			_aPUBLIC FINANCE
942			_cAR