Photo: Indranil Bhoumik/ MintKolkata: The proposed multiple rate structure of the Goods and Services Tax(GST) will be “disastrous” and nothing more than same old Value-added Tax(VAT) rates in a “new shape”, former finance minister P Chidambaram said on Monday. “We sincerely hope that we do not misinterpret the design of standard, standard minus and plus rates of GST. It will be disastrous and that cannot be GST, it will be fooling the country,” Chidambaram told an interactive session with IIM Calcutta students on economic reforms. “A well designed GST is expected to have standard rate, plus and minus standard rate. That is simply existing VAT rates in a new shape, old wine in a new bottle,” he said.

Source: Mint October 24, 2016 09:52 UTC