Country can demand Arun Jaitley's resignation over demonetization, GST: Yashwant Sinha

Linking GST Changes To Gujarat Polls'Juvenile Politics, Says Arun Jaitley

Linking GST Changes To Gujarat Polls'Juvenile Politics, Says Arun Jaitley

Senior BJP leader and former finance minister Yashwant Sinha on Tuesday again hit out at Modi government on demonetisation and implementation of the Goods and Service Tax (GST). "The present government received some problems from the previous government which badly needed to be addressed". Sinha added, "At the same time, the non-performing assets of public sector banks remain high, despite the fact that they are unwilling to fund new projects, as new investments are not taking shape". "The present growth rate is 5.7 per cent, which actually when calculated as per the old method is 3.5 per cent", Sinha said.

In September this year, in a newspaper article headlined, "I need to speak up now", Yashwant had criticised Jaitley over what he called the "mess the finance minister has made of the economy" and flayed demonetization and the way the GST had been rolled out. "The current Gross Domestic Product (GDP) does not take into account the unorganized sector". "He can not take credit for imposing on the country a deeply flawed tax system, and people of this country are well within their right to demand that he should lose his job", the veteran leader said. Prominent economist Dr Arun Kumar, one of India's foremost black money experts, created a flutter a few days back when he told media in Ahmedabad that the unorganized sector went down by a whopping 22% during the demonetization phase; even now it is minus 4%.

Sinha said that one of the biggest flaw in the GST was that 40% of the revenue stream, including petroleum products, alcohol and some aspects of construction sector, were out of the purview of GST. He said bringing products like petrol under GST will help lower the price. Criticising the concessions, Sinha contended, "There are even now multiplicity of taxes under GST". These crashed to $30 by August. "When there was too much of pressure, only Rs 2 excise was brought down". "Those seeking a single GST rate have no understanding of tariff structure", Jaitley said.

He was talking about the economic effects of demonetisation and GST on the Indian economy at a press conference organised by a group of people under the banner of 'Lokshahi Bachao Andolan'.

On Mr Jaitley's earlier remark that Mr Sinha is looking for a job at the age of 80, Mr Sinha, who insisted that he is not part of any "Margdarshak Mandal", said he is still fit unlike those "who give their speech while sitting", an apparent reference to Jaitley, who had sat down in between his budget speech due to health reasons.

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