Sisodia slams Centre over poor implementation of GST

NEW DELHI: The implementation of the Goods and Services Tax (GST) has affected small industries and businessmen, Deputy Chief Minister Manish Sisodia said on Wednesday.

"GST was widely accepted as a positive reform for the Indian economy. But thanks to this government's incompetence, today we have the most complicated GST structure globally, which is causing severe compliance issues, lower than expected tax collections and a crisis-like situation in sectors such as textile," Sisodia said at press conference at the Aam Aadmi Party headquarters.

He added that tax slabs of many items are as high as 28 per cent, which would lead to more corruption in the business.

Sisodia, who also holds the Finance portfolio, criticised the economic policies of the Union government, saying: "All key economic indicators show that the economy is going through its worst in many years.

"From being the world's fastest-growing major economy just one year ago, we have become a 'free-fall economy' with slow growth, low investment and no jobs."

Talking about the effect of demonetisation, Sisodia said that it had a negligible impact on black money, and ended up creating an unprecedented crisis in agriculture and SME sectors.

"The unprecedented spate of farm loan waivers by several state governments is the legacy of demonetisation.

"Overall, 15 lakh jobs were lost and 150 people died due to hardship caused by demonetisation.Who is answerable for this man-made disaster?" he asked.

Sisodia further said that the Centre's economic policies have affected the GDP growth and caused a lot of unemployment.