Rs 12 lakh crore lost due to years of delay in implementation of the GST due to opposition by the BJP when the UPA government was in power, the Opposition said Wednesday.
Criticising various provisions in the proposed GST regime, Moily said it will be a “technological nightmare” and the anti-profiteering provisions in it are “far too draconian.”
“Seven to eight years have passed after the erstwhile UPA government wanted to bring the GST bill. Some parties then felt it should be halted due to reasons best known to them,” he said.
India lost around Rs 1.5 lakh crore annually due to delay caused in the roll-out of GST which put the total loss at around Rs 12 lakh crore, said by the former Law Minister.
“The real estate sector generates lot of black money. It is very unfortunate that the sector was not brought under the ambit of GST,” said Moily.
“Intention may be good but this will land the country in complete tax distortion,” he said.
“There will be huge revenue loss to manufacturing states like Tamil Nadu. Some of our concerns were addressed while some are yet to be addressed,” he said.
The AIADMK MP, however said, “the Tamil Nadu government is fully committed for successful implementation of GST”.
Inputs from The Indian Express, 29 March 2017