Parrikar draws parallel between GST criticism and Y2K hype

Panaji, July 1 (IANS) Goa Chief Minister Manohar Parrikar on Saturday compared the hyped conspiracies surrounding the Y2K phenomenon with the negativity spread by critics of the news GST regime, which came into effect from Friday midnight in the country.

Speaking at a function in Panaji, Parrikar also said that despite potential teething problems, the Goods and Services Tax (GST) would make daily consumption items cheaper.

"I remember highly qualified people would say that on midnight of December 31 (1999), the world is going to come to a grinding halt. The planes may stop flying midair because of Y2K. It was a big scam which resulted in a lot of IT companies making a lot of money," Parrikar said.

"Similarly, lots of people were telling me yesterday (Friday) that the GST regime is going to create a lot of problems for business.

"I have not seen the business stop today (Saturday). The airplanes flew, the Chief Minister is here, in the morning Amit Shahji came. The hotels are running, possibly slightly cheaper than they were yesterday," the Chief Minister said.

Parrikar said that the GST era would have a strong positive economic effect on Goa, especially because it was a high-consumption state, with a lot of tourist traffic.

He also said that despite the air of negativity being created by the tax regime's critics, the GST era had already started, before "anyone realising it has begun".

"The GST regime ultimately will result in reduction of prices in most items," he added.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)