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  3. GST Bill’s passage in the Rajya Sabha a credit positive for India's rating: Moody’s

GST Bill’s passage in the Rajya Sabha a credit positive for India's rating: Moody’s

08 Aug 2016 Evaluate

International rating agency Moody’s Investor Service in its latest report titled, ‘Upper House Passage Paves Way for GST Bill Implementation, a Credit Positive’, said that the passage of Goods and Services Tax (GST) Bill in the Rajya Sabha is credit positive for India's sovereign rating as the rollout of GST regime will have a favorable impact on growth and tax revenues, although the overall impact will vary across sectors.

Moody’s said the short-term sovereign credit implications of the GST bill will be limited, given that effective implementation will take some time and as the GST rates are likely to be chosen as revenue neutral. It added that the GST will support economic activity and government revenues over the medium term by removing a key hurdle to the smooth movement of goods and services and GST will lead to much simpler administrative framework, reducing tax governing costs for corporate and over time, improving the overall cost competitiveness of corporate India.

Report further said that the overall impact is likely to vary across sectors, with some of the highest tax payers under the current regime, such as automotives standing to gain the most. It added the new GST structure follows a dual taxation model with powers granted to the central and state governments to tax both goods and services under a common structure. GST will replace the existing system of multiple taxes, imposed at different stages of the value chain, with a single unified tax.

Rajya Sabha on August 3 passed a constitutional amendment to allow implementation of the long-delayed GST further the Bill will now go to Lok Sabha. The Bill will then have to be ratified by 50 percent of the state legislative assemblies, and the actual GST bill will need to be enacted into law by the Lok Sabha and by state governments.

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