BJP Rajya Sabha MP Subramanian Swamy today said passage of the bill facilitating the Goods and Services Tax (GST), being hailed as the biggest indirect taxation reform, will “not benefit” the economy significantly.
“I don’t think GST is going to be a game-changer. If it comes, it is ok. If it doesn’t come also it is ok,” he said, speaking at the industry lobby Indian Merchant Chamber (IMC) here.
“GST…it is not big deal for the Indian economy. There is a feeling that it will simplify the tax system, I have no objection to it,” he said.
It can be noted that the industry has been pegging an increase of upto 2 percentage points in the GDP growth just by the passage of this legislation which is stuck for many years now under two Union governments.
Swamy also noted that Prime Minister Narendra Modi had objected to the GST when he was the Chief Minister of Gujarat, and now the Tamil Nadu CM J Jayalalitha is objecting to it.
“At one stage, when Mr Narendra Modi was the Chief Minister, he took objections and wrote a letter to the government,” he said.
Union Finance Minister Arun Jaitley said earlier this week that most of the states barring Tamil Nadu have come on board on the long-pending Goods and Services Tax bill and expressed hope of pushing the legislation in the upcoming Monsoon Session.