Subramanian is currently visiting lecturer at the Harvard Kennedy School.
With an additional exemption in personal income tax and the abolishment of dividend distribution tax, together it will cost the government a revenue loss to the tune of Rs 70,000 crore.
The GST data, Subramanian said, could help in computing GDP growth based on demand side data on quarterly basis.
The theme for the Economic Survey 2017-18 presented in Parliament on Monday by finance minister Arun Jaitley was pink, apparently to confront Indian society’s notorious preference for sons.
He said the new tax regime, rolled out from July 1, will stabilise in the next six to nine months and become a "model" for other countries.
Delighted to take on challenge of economy: Arvind Subramanian on his extension as Chief Economic Adviser
He was ranked amongst the top one percent of the world's academic economists in terms of citation of research, according to the widely used REPEC rankings.