With just 7 days to go for GST implementation, Prof Arun Kumar in conversation with Chahat Jain of BW Businessworld said the government is not yet ready for such a complex tax system as the GST regime will slow down the growth rate. The complicated version will probably lead to a sharp decline in GDP and hence 8-10% would have been a better tax rate for GST to start with. In the end it is given that consumers are likely to spend more on tax and hence will be on a losing hand, said Kumar.
