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Home News Power Sector News By Excluding Petroleum, Electricity and Real Estate, GST Fails to Achieve its Purpose: P Chidambaram

By Excluding Petroleum, Electricity and Real Estate, GST Fails to Achieve its Purpose: P Chidambaram

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ChidambaramFormer Finance Minister and senior Congress leader P Chidambaram accused the government of rolling out an adulterated version of Goods and Services Tax (GST), which would fail to achieve its purpose. Chidambaram said the the decision to exclude petroleum, electricity and real estate from the ambit of GST was a "mistake", which would negate the 'one nation, one tax' vision which was intended to be fulfilled with the taxation reform measure.

"What has been rolled out is a mockery of GST," Chidambaram said, further adding, "Aim was that one indirect tax will subsume all other indirect taxes, this GST fails to achieve that by excluding petroleum, electricity and real estate. We demand the government to review the current setup of GST, and include them in order to fulfill the agenda of one nation, one tax."

Chidambaram further opined that GST roll-out should had been delayed by two months, to provide traders and small businessmen the adequate amount of time to switch to the GST Network (GSTN). He further doubted the infrastructure in place to smoothly process the tax returns of the massive number of businesses which switched to GSTN this month.

"GST roll out should have been delayed by 2 months. GSTN should have undergone a dry run before implementation," Chidambaram told reporters here.

Chidambaram, who served as the finance minister under the UPA regime, emerged as one of the most vocal critics of the manner in which GST was rolled-out by the Narendra Modi-led regime. Addressing the press in the past month, Chidambaram had said, "The legislation which they (government) is attempting to implement across the nation is neither the real GST which was prepared by Congress, nor the ideal GST formulated by experts."

The veteran politician further questioned Finance Minister Arun Jaitley to specify whether the government has prepared an alternative plan to contain the impact of GST on inflation in the initial phases. Without adequate preparation, GST would cause an adverse impact on the common man, as prices of nearly 80 per cent of goods would go up, Chidambaram opined.

Source- India.com

 

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