The Former Finance Finister, Mr. P. Chidambaram has said that the Congress Party has made it absolutely clear that the present GST law is not what the UPA government envisaged. It has serious birth defects and other flaws. He also stated that Congress would work towards modifying and rectifying the present GST law with GST 2.0 as it promised in their 2019 election manifesto.
According to him, the GST law has become worse in five years instead of evolving and advancing. It has wrecked the economy completely into shackles. The Former Finance Minister of India on Friday also criticized the demonetization which was implemented in October 2016. He stated that the demonetization was the first, “Tughlaqi Farman” of the NDA government, and the second one is the present GST law. Both didn’t leave any single stone unturned in harming the economy.
In a press conference that was held on this Friday, senior Congress leader Mr. P. Chidambaram also said that the “GST law will soon complete its 5th anniversary on 1st of July, but there is really nothing to celebrate. Present Goods and Service Tax law has serious birth defects and in the last five years it has only worsened, and all those who are touched by the GST law have been seriously injured”.
He also stated that “As far as the Congress Party is concerned, we reject the present GST law and as promised in the 2019 election manifesto, we will work towards the replacement of the current GST law by GST 2.0. It will be a single low rate”, as stated by the former Finance Minister of India.
According to him, the current GST law is full of flaws and is a complex web of many rates, conditions, exceptions, and exemptions that will further confuse and puzzle even an informed taxpayer. According to him, “not all registered dealers have informed taxpayers, they don’t have much information and as the result of this, they are at the mercy of the tax collectors”.
The flawed GST law has led to the large-scale destruction of MSME which contributes up to 90 percent of jobs in the manufacturing sector. It has also led to the complete breakdown of trust between the center and states.
😄Hello. Welcome to Masters India! I'm here to answer any questions you might have about Masters India Products & APIs. What brings you to our website today?
E-Way Bill Software
BOE TO Excel Conversion
Accounts Payable Software
Invoice OCR Software/APIs
GST Verification API
E-Way Bill API
KSA E-Invoice APIs
Vendor Verification API