Modi govt's 7-rate tax structure a 'mockery of GST', says P Chidambaram

The goods and services tax (GST) regime rolled out by the Narendra Modi government on July 1, with its “seven or more rates”, is a “mockery” of the GST that was originally planned, senior Congress leader P Chidambaram said on Thursday. The former finance minister said the Congress was “convinced that the administration and businesses — especially small and medium businesses — were unprepared or underprepared for the GST roll-out”. Chidambaram said businesses wanted some more time and the roll-out should have been deferred by two months. Also, the GST Network (GSTN) should have been put through a trial run, and the glitches, if any, should have been fixed, he added. He said the GST rate should have been capped at 18 per cent. Traders and small and medium enterprises (SMEs) have held protests across the country in the past few days. In Tamil Nadu, textile units on Thursday began a six-day strike, demanding abolition of the GST on textile goods. Astrology and Numerology Trading Tips