The Communist Party of India (Marxist) on Friday asserted that there are number of problems arising from the Goods and Service Tax (GST) which is being hastily implemented from July 1, including the Centre not yet framing the rules under the anti-profiteering clause.
"There is an imminent threat of inflation and an all round increase in the prices of consumer goods. The Central government is unwilling to effectively use the anti-profiteering clause in the GST law. This clause was meant to ensure that the reduction in the rate of tax arising due to introduction of GST shall be passed on to the consumers by the commensurate reduction in prices. The Central government has not yet framed the rules under the anti-profiteering clause," press statement reads.
Opposition parties like All India Trinamool Congress (TMC), Rashtriya Janata Dal (RJD), Dravida Munnetra Kazhagam (DMK), Congress to the Left, were continuously trying to disassociate themselves from the implementation of GST and have put forward some suggestions to validate their move.
Ending more than 11 years of hectic argument among the Centre and the states, the GST will implement from July 1 to completely transform the indirect taxation landscape in the country involving both the Central and State levies.
To commemorate the historic occasion, a function will be held in the Central Hall of Parliament on the mid-night of June 30- July1, which will be graced by President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi, Lok Sabha Speaker Sumitra Mahajan and Union Finance Minister Arun Jaitley among other dignitaries.
The GST, which is slated to roll out today midnight, will bring the Indian economy under a single tax bracket.
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