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GST in its current form will hit thousands of MSMEs, says Chidambaram
P Chidambaram said that Congress is not against GST, but in the current form it will have a major impact.
New Delhi: Former Union Minister P Chidambaram said on Saturday that GST in the current form will have a major impact on lakhs of micro and small units in the country.
Speaking to reporters at his native Karaikudi office, Chidambaram said that Congress is not against GST, but in the current form it will have a major impact.
The current GST is not what was recommended by the Expert Committee.
Also Read: India's midnight 'tryst with destiny'- GST rolled out
He added, Micro and Small Units are ready for GST yet, they have sought time to understand, which Centre did not give, alleged Chidambaram.
Earlier today, the Bharatiya Janata Party (BJP) accused the Congress of not being supportive or encouraging on the issue of GST and stated that the opposition had objected on the tax rate fixing only at the final moment.
The GST was launched during a midnight session of Parliament in the presence of President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and Lok Sabha Speaker Sumitra Mahajan and other dignitaries on Saturday.
Also Read: This is how GST will impact businesses and individuals
Ending more than 11 years of hectic argument between the Centre and states, the GST was passed and is now set to completely transform the indirect taxation landscape in the country, involving both central and state levies.
In a departure from the normal practice, GST will be administered together by the Centre and States. (With Agency inputs)