'GST Result Of Compromise Which Isn't Best Solution,' Says Yashwant Sinha: Highlights

The Goods and Services Tax or GST was rolled out on July 1 after a midnight launch in Parliament's historic Central hall. GST replaces about 20 indirect taxes at both the centre and in states, while unifying the $2 trillion economy and 1.3 billion people into a single market. Senior BJP leader Yashwant Sinha speaks to NDTV on the GST reform.

Here are the highlights from the exclusive interview with Yashwant Sinha:

• GST is the biggest indirect tax reform
• We have been working on it for 20 years
• It is the result of a compromise and compromise is not the best solution
• Each state will look at gain, loss so will lead to litigation
• Should have avoided multiple rates, it leads to lobbying
• Rate multiplicity leads to discretionary powers
• We had all the time in the world, could have had better solution
• Tax is just part of larger economic reform
• Private sector investment is important
• Need to get rid of bad loans. No notebandi data available
• Real growth of 8 percent is needed to get rid of poverty and unemployment
• Government has not sought my views on GST