Yashwant Sinha hits out at Modi, Jaitley

Finance Minister Arun Jaitley | PTI

The Finance Minister, however, did not rule out rationalisation of tax rates under goods and services tax. "When others call for it, it is childish, when he says it so very mature", said Sinha. In a recent announcement, GST for restaurants was also reduced from 18 per cent to 5 per cent and so consumers eating out will now pay slightly less than before. "When we campaigned in 2014 we promised to create 2 crore jobs every year". "A fundamental improvement in the GST is badly needed".

Sinha said that one of the biggest flaw in the GST was that 40% of the revenue stream, including petroleum products, alcohol and some aspects of construction sector, were out of the purview of GST.

Talking about the same, Dilip Datwani, president, Hotel & Restaurant Association Western India (HRAWI), a leading association of hotels, said, "The reduction in GST is a huge relief".

Addressing the media, Sinha said that the idea behind demonetization was to end the issue of black money, but the government had failed to do so.

"But the problem is that whenever the world praises us we accept it but the moment we are criticised we disown it".

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The BJP veteran also claimed that the decision of demonetisation has failed to serve its objective.

Hitting out at Arun Jaitley - yet again - veteran BJP leader and former Union Minister Yashwant Sinha on Tuesday said that the country can ask for the Finance Minister's resignation over the "failures" in the implementation of the demonetisation policy and Goods and Service Tax (GST) regime.

Jaitley, he added, has made a mess of GST. "A new committee should be set up under Kelkar, which should directly interact with the political establishment, including the finance minister, and work out details on how to set things right". Pointing out that India's manufacturing growth rate is just about 4%, highly insufficient for the country's economy to do well, Sinha said, "If the economy has to grow at a healthy pace, the manufacturing growth rate should be in the double digit".

On Mr Jaitley's earlier remark that Mr Sinha is looking for a job at the age of 80, Mr Sinha, who insisted that he is not part of any "Margdarshak Mandal", said he is still fit unlike those "who give their speech while sitting", an apparent reference to Jaitley, who had sat down in between his budget speech due to health reasons.

BJP MP Shatrughan Sinha also came out in support of his party colleague Yashwant Sinha, saying he was a true statesman and had shown the government the mirror.

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