Budget 2018 is an ‘exercise done without application of mind’: Yashwant Sinha
Former Union Finance Minister and rebel BJP leader Yashwant Sinha hit out at the 2018-19 budget proposals by present Union Finance Minister Arun Jaitley, tabled on February 1, as ‘an exercise done without application of mind’.
Speaking at an interactive session on analysis of Union Budget 2018-19, organised by the Calcutta Chamber of Commerce, Sinha on Tuesday expressed his objection on the imposition of multiple slabs in Goods and Services Tax (GST). “While the earlier central Value Added Tax (VAT) had only three slabs namely merit, mean and demerit, so many slabs in GST defeats the very purpose of the new tax regime meant for simplification of tax structure. The Union finance minister has thoroughly failed in guiding the exercise to have a simplified indirect tax structure,” Sinha said.
He didn’t mince his words when it came to expressing his displeasure over the changing policy of bringing down GST on fertilizers from 18 to 12%. “Was not the finance minister aware that fertilizer is an important component in the agriculture sector? So why was it fixed at 18% in first place?” Sinha said and alleged that claims about the budget being a pro-agriculture was nothing but an eye-wash, especially the guarantee of …read more