Chief Economic Adviser (CEA) Dr Arvind Subramanian favours bringing power and real estate, encompassing all immovable property, under the Goods and Services Tax (GST).
Addressing the ASSOCHAM managing committee on Thursday, Dr Subramanian said this, along with "simple and clean rates, lower rates than higher", would "complement the fight against black money".
However, stamp duties were different, he said.
The CEA said he was "less concerned" about rising interest rates in the US, on account of India continuing to be a bright spot with strong macro fundamentals. However, he flagged competition -- not just from China, but also countries like Philippines and Bangladesh. "That is what we should be watching."
While the real challenge for Indian export is to achieve a 15-20% growth, Dr Subramanian's question was, would advanced economies then be able to buy all that?
Whether those economies would be able to handle more services export, he said, was an “untested ground”.