Madurai, Sept. 4 -- Former Union Finance Minister and senior Congress MP P Chidambaram on Thursday welcomed the GST reforms that slash the 12 and 28 per cent slabs, but said that the reduction has come eight years too late.

"I welcome the reduction. The other truth is that it has been done eight years too late. We have always advocated a single rate, with a small plus or minus. This is a huge progress over the six or seven rates they had. In the course of time, I believe, it will come down to a single rate," Chidambaram told ANI.

Earlier, Chidambaram, while talking to reporters in Madurai, pointed out that the Congress party and several economists, including former Chief Economic Advisor Arvind Subramanian, had raised concerns about the...