KARAIKUDI (TN): Senior Congress leader P Chidambaram today hit out at the Centre for rolling out the GST in its present form, saying it has many "defects" and its implications will be known only in "due course. It has many defects and its implications will be known only in due course," Chidambaram told reporters here.He said, "What has come into force today is really not GST.. GST is one tax, and only one tax. "They should have stopped with three-rate structure of standard rate, standard minus and plus. ""Tax (GST) may have come down but several things like rent, freight and salaries could have gone up. "Pointing out that areas like petroleum were out of GST purview, he said, "If you exclude petroleum and electricity, approximately 35-40 per cent of economy does not come into the purview of GST.

Source: Economic Times July 01, 2017 08:26 UTC