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Chidambaram says there cannot be multiple tax slabs in GST

October, 24th 2016
There cannot be multiple tax slabs in GST. It is essentially VAT in a new form, P Chidambaram, former finance minister and MP (Rajya Sabha), said here on Monday. According, to him, a well designed GST is expected to have a standard rate, a plus (standard) rate and a minus (standard) rate. "We can have 20 rates. This will be disastrous and that cannot be GST. It will be fooling the country," he said at a seminar organised joint by the ORF and IIM Calcutta. "Thats simply existing VAT rates in a shape. Its old wine in a new bottle," Chidambaram added.