Yashwant Sinha spoke to NDTV in an exclusive interview on GST.
The Goods and Services Tax or GST was rolled out on July 1 after a midnight launch in Parliament's historic Central hall. GST replaces about 20 indirect taxes at both the centre and in states, while unifying the $2 trillion economy and 1.3 billion people into a single market. Senior BJP leader Yashwant Sinha speaks to NDTV on the GST reform.
Here are the highlights from the exclusive interview with Yashwant Sinha:- GST is the biggest indirect tax reform
- We have been working on it for 20 years
- It is the result of a compromise and compromise is not the best solution
- Each state will look at gain, loss so will lead to litigation
- Should have avoided multiple rates, it leads to lobbying
- Rate multiplicity leads to discretionary powers
- We had all the time in the world, could have had better solution
- Tax is just part of larger economic reform
- Private sector investment is important
- Need to get rid of bad loans. No notebandi data available
- Real growth of 8 percent is needed to get rid of poverty and unemployment
- Government has not sought my views on GST