Tax collections under GST will take a hit in first year: Hasmukh Adhia

Tax buoyancy is likely to take a hit under the Goods and Services Tax (GST) regime with the government predicting a “very modest” 8-9 per cent growth in the indirect tax collections in the first year of GST implementation. In the previous fiscal year, indirect tax collections recorded a growth of 22 per cent. “In the first year (2017-18), because of implementation issues, there might be a little l…