Television

Subhash Chandra hails GST, seeks new tax system & ease of doing biz

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MUMBAI: Essel Group chairman and Rajya Sabha MP Dr. Subhash Chandra has welcomed the GST Bill while addressing the Upper House of the Parliament for the first time.

Dr. Chandra is an independent RS member from Haryana. ZEE, as a brand today, has achieved a global recognition, reaching over a billion viewers in 171 countries.

A compilation of his tweets on GST:

Today, I gave my maiden speech in Rajya Sabha and participated in the GST Bill debate. 

I congratulate the govt, Prime Minister Shri @narendramodi ji and FM Shri @arunjaitley ji for bringing this historic GST bill. Since independence we?ve been hearing from almost everyone that we need to work for welfare of common man and uplift the poor class, he said.

2000 years ago, India?s contribution to the world GDP was 32%, which came down to 4.2% in 1950, when India?s share in world manufacturing went to as low as 1.7% & international trade during the British Raj fell from 20% to 1.4%, he added.

We understand why this happened, because the British wanted to rule us for a longer time and take away our wealth, he said. But, 70 years after their exit, have our economic conditions improved at the same rate as that of global standards?

GDP in 1950 - 4.2% - was reduced to 3.2% in 1980, and now in 2017 it has reached around 7.5%. Manufacturing in 1950 was 1.7%, 3.2% in 1980, in 2015 it was 4% while global trade was 1.3% = 1950, 0.5% = 1980 & now 1.7%.

If we compare these statistics with the growth in India?s population, then we see that since 1950, India's growth has been negative, he added.

From 2000-2015 India earned income of 2.23 trillion dollars, of which 81% wealth went to 10% of the population & 19% to the rest 90%. Astonishingly, 58% wealth of the 154 lakh crore went to the top one per cent, which clearly shows that poor became poorer, and the rich became richer.

GST is of course a great measure but it is just the first step, we need to do lot more to eradicate poverty from India.

We need to reduce the tax structure that will further motivate people in paying the taxes and govt can then do away with penal provisions. 

Due to lack of Ease of Doing Business in India, there is lot of indirect tax that is borne out of corruption, we should also address it. In the time to come, we need to think beyond GST, start a new taxation system & not just replicate the global ones.

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