The implementation of Goods and Services Tax (GST) will result in lesser tax burden on consumers, besides boosting country's economic growth, an RBI board member said on Wednesday. "The global average of GST rate is 16.4 per cent but in India, indirect taxes are as high as 28.2 to 30.8 per cent. The GST will help in decreasing the tax burden on the consumers," RBI Board Member Indira Rajaraman said at a conference here.
Rajaraman, a Member of the 13th Finance Commission, advocated the GST and described it as important tax reform that would place the country on a higher growth trajectory. She said GST will replace an array of state levies, excise and other indirect taxes which all have cascading effects.