GIFT to host national seminar on second-generation GST reforms from Monday

The Gulati Institute of Finance and Taxation (GIFT), in collaboration with the Indian Council of Social Science Research (ICSSR), will hold a two-day national seminar on September 7 and 8 to deliberate on second-generation reforms in the Goods and Services Tax (GST) system. The discussions will focus on the impact of these reforms on State finances and fiscal policies.

The seminar will take place at the GIFT campus in Thiruvananthapuram. Kerala Chief Minister V.D. Satheesan will inaugurate the event on September 8. During the inaugural session, veteran economist Professor M.A. Oommen will be honoured for his contributions to the field. The Chief Minister will also release GIFT’s new publication, ‘Economy and Fiscal Watch’ (EFW), a quarterly bulletin aimed at tracking economic and fiscal trends.

A notable feature of the seminar will be a panel discussion on the past, present, and future of the GST regime. The discussion will bring together former Kerala Finance Ministers T.M. Thomas Isaac and K.N. Balagopal, along with former Jammu and Kashmir Finance Minister Haseeb A. Drabu. Their insights are expected to offer perspectives from different States and political contexts on the functioning of the indirect tax system.

Leading economists and policy experts will deliver lectures on topics such as GST revenue performance, fiscal federalism, and the need for rationalising tax rates. The deliberations are expected to shed light on the structural issues that have emerged since the introduction of GST in 2017 and the reforms required to strengthen the tax framework in the coming years.

The GST, which subsumed a range of central and State taxes, was designed to create a unified national market. However, several challenges, including revenue shortfalls for States, compensation cess disputes, and concerns over rate rationalisation, have highlighted the need for a second generation of reforms. These reforms are widely seen as essential for improving the efficiency of the tax system and ensuring equitable revenue sharing between the Centre and States.

Against this backdrop, the seminar at GIFT aims to provide a platform for academic research and policy dialogue. The institute, named after the eminent fiscal economist Dr. Raja J. Chelliah, has been actively involved in research on taxation and public finance. Its collaboration with ICSSR, an autonomous body under the Ministry of Education, underscores the academic significance of the event.

Participants are expected to include researchers, academicians, government officials, and representatives from civil society. The organisers hope that the seminar’s recommendations will contribute to informed policy-making at both the central and State levels.