 "Former Finance Minister P Chidambaram speaks in the Rajya Sabha during a debate on GST Bill. Photo: ANI")
Even as the Goods and Services Tax (GST) Bill was introduced in the Rajya Sabha, Former Finance Minister P Chidambaram welcomed the friendly and conciliatory tone of the incumbent Arun Jaitley’s speech in the Rajya Sabha on Wednesday. The latter had spoken in the Upper House, outlining the journey involving the legislation and how it will convert India into a uniform market.
Read our full coverage on the GST Bill and its impact
Read our full coverage on the GST Bill and its impact
However, the ex-FM also said that the Bill, in its current form, was ‘clumsy’ and was tough to rectify at this point. He also sought an assurance from the Centre that the Bill be introduced as a Finance Bill and not a Money Bill.
Here are ten key things that Chidambaram said during his speech in the Rajya Sabha.
- Indians want low indirect taxes. Standard rate of GST should not exceed 18%
- The judiciary will reject it if the GST Bill does not mention a tax rate. You (Government) will come back to the Parliament again
- GST draft is clumsy and it is tough to rectify at this point
- I would urge the FM to amend a provision to say GST council shall by regulation establish a dispute resolution mechanism
- GST not only stands for Goods & Services Tax but also for Good Sense Triumphs
- GST Bill must be passed on arguments and not on strength of numbers
- In the last 18 months, the government tried to pass GST without support of principal opposition & I'm glad you also failed
- Congress Party was never opposed to the idea of GST. It had opposed to the Bill, not the idea. India is now ready to embrace the idea of GST
- If you give some states power to impose 1% additional tax, it would have led to multiplicity of taxes
- Want assurance from Finance Minister that the Bill will be introduced as Finance Bill, and not a Money Bill
