Goods and Services Tax (GST) comes into force

  • Goods and Services Tax (GST) comes into force
01-07-2017 | Pratidin Bureau. |

The Goods and Services Tax (GST) came into force at midnight. President Pranab Mukherjee, Prime Minister Narendra Modi and Finance Minister Arun Jaitley addressed the gathering, before the President and the Prime Minister pressed a button to mark the launch of GST.

India embraced the GST that marked the culmination of the country’s long and diverse journey toward a uniform, all-encompassing indirect tax system.

“The old India was economically fragmented, the new India will create one tax, one market and for one nation,” Finance Minister Arun Jaitley said at the special function on the occasion of GST launch. He also said that, unanimous support and consensus based work of GST Council highlights India can rise above politics and speak in one voice for national interest.

Speaking on the occasion, Prime Minister Narendra Modi said, “GST is transparent and fair system that prevents black money, corruption and promotes new governance culture.”

He further described GST as a “Good and Simple Tax” which would ultimately benefit the people.

President Pranab Mukherjee, on the other hand said, “This historic moment is the culmination of a fourteen-year long journey which began in December 2002.”

He also said that the new era in taxation is the result of a broad consensus arrived at between Centre and states.

On the other hand, hours prior to the official launch, the GST Council chaired by Finance Minister Arun Jaitley slashed the tax rate on fertilizers from 12% to 5% and tractor parts from 28% to 18%, in a bid to make the new tax regime more farmer-friendly.

Tags : Goods and Services Tax GST tax Indian taxation New Tax President Pranab Mukherjee Prime Minister Narendra Modi PM Modi Finance Minister Arun Jaitley

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