The former Central Finance minister of the UPA government Mr. P. Chidambaram said that the current talks are GST (Goods and Service Tax) is as good as having no GST. He said that if too many GST rates are implemented then the result would be “Disastrous”.
"A well designed GST is expected to have a standard rate, plus and minus standard rate. That latitude is interpreted to me that we will have multiple rates - zero to 100 - that`s not GST. That is simply existing VAT rates in a new shape...," he said.
He said that the council should cut or minus the current issue of the tax as it would just be another form of the present day Tax system. He said “"A well designed GST is expected to have a standard rate, plus and minus standard rate. That latitude is interpreted to me that we will have multiple rates - zero to 100 - that`s not GST. That is simply existing VAT rates in a new shape.”
$2.5 billion debt paid by the Ruia's to the ICICI, Axis and Stanchart banks