No positive impact of GST on Indian economy: Chidambaram

P Chidambaram

New Delhi, July 1: Pointing to the glaring flaws in the economic reforms introduced by the Modi government in these four years, former Finance Minister P Chidambaram said, “Modi government did bad things such as Demonetisation, GST in a big way and GST has not had a positive impact on the Indian economy due to flawed implementation.

Chidambaram lambasted the government for implementing Goods and Services Tax regime and said, “GST was thrust upon an unprepared nation. GST has become a word that traders fear.”

Chidamabram said, ” Beginning with the GST Constitution Amendment Bill, every step taken by the BJP govt with regard to GST was deeply flawed. The GST bills ignored the advice of the Chief Economic Adviser on many aspects of GST, notably on the rates.”

“Government did bad things in a big way – demonetization, or big things in a bad way – GST. The design, structure, infrastructure backbone, rates & implementation of GST were so flawed that GST has become a bad word among businesspersons, traders,exporters&common citizens,” Chidambaram said.

“GSTR Form-2 & Form-3 must be notified forthwith and the temporary GSTR Form-3B withdrawn. Only one return must be required to be filed once in a qtr. Process of refund must be streamlined & refunds must be expedited, releasing blocked capital,” he added.

Chidambaram said, “Thanks to GST and Demonetisation, industrialized states have lost a crore of jobs.

Urging the government to discuss amendments with the Opposition, Chidambaram said, “Petroleum products must be brought under GST. Several amendments that are suggested must be discussed with the opposition in the monsoon session.”

The Congress leader said, “Petroleum products and electricity must be brought under GST, as they constitute the majority of GDP. By definition, a ‘cess’ is a temporary measure in case of emergency. But govt putting cesses on top of GST is a complete distortion.”

As the Modi government is celebrating July 1, 2018, as ‘GST Day’ to mark the first anniversary of the new indirect tax regime, Senior Congress leader held a press conference to highlight the flawed decisions of Prime Minister Narendra Modi that led to sluggish economy.

 

Former Punjab Finance Minister Manpreet Badal and Prof. Gaurav Vallabh were also present during the press briefing.

Congress questioned the tall claims by the government of a sound economy, Former Punjab Finance Minister Manpreet Badal said, “If the Indian economy is growing like the government claims, then there should’ve been a growth in tax collection, but that is not the case.”

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