Reacting to the historic GST rollout that took place at the stroke of midnight hour from the Central Hall of the Parliament, former Finance Minister P Chidambaram in a press conference on Saturday morning warned traders by saying that micro, small and medium-scale traders will suffer huge losses, reported ANI. The senior Congress leader who himself played an important role in the formulation of GST said it is not the original GST that experts had drafted earlier and will impact inflation.
“It is not the original GST that experts had drafted earlier, this will seriously impact inflation. Micro, small and medium scale traders will suffer huge losses,” Chidambaram was quoted saying by the agency. Taking on the Bharatiya Janata Party, the former Finance Minister said no one can deny that fact BJP had objected to GST when they were in the Opposition. “Same BJP when in opposition had protested against the #GST tooth and nail. No one can deny this fact,” Chidambaram added. Congress along with TMC, left parties and RJD had skipped the grand midnight event that marked the beginning of GST era in India.
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Earlier in the day, Union Civil Aviation Minister Ashok Gajapati Raju had said that GST will help in the economic rejuvenation of this country. “We have to keep the Civil Aviation Sector at the side for a moment because the states didn’t want the petroleum products and the intoxicants to come under the GST. So, there will be no advantages for this sector. It is good for the country. We are anticipating help in the economic rejuvenation of this country. There are advantages and disadvantages but if you look at the overall structure in the economy, it is good,” he added.