The current Goods and Services Tax model implemented by the NDA government was the ‘most complex’ in the world and has to be further simplified, Punjab Finance Minister Manpreet Singh Badal has said.
Manpreet said though he was not against the GST, it was “poorly designed” and needed massive fixing.
“There are 161 countries where GST has become law. But the way India designed its GST, I would actually give it 2 out of 10.
According to him, GST has actually been ‘messed up.’
He said the centre had claimed that GDP would go up by two percentage points once GST was implemented, compliance would become very simple and tax revenues would go up.
However, the exact opposite had happened. GST compliance was hugely complex and less taxes were being collected when compared to the pre-GST period, he charged.
“Similarly, growth has also not picked up. Obviously, there is something wrong,” he said.
GST, which brought a one-tax regime in the country, was rolled out last year.
“It’s a bloodbath as far as small and medium enterprise is concerned. We are concerned about that”.
“As a Finance Minister, I want GST to succeed. I hope we can fix it, but probably you will have to wait for the next government.
Because this (NDA) government has now gone into an election mode and they will not try to fix it”.