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GST - India's biggest ever tax reform launched

Posted Date : 01-Jul-2017 , 06:36:42 am | Posted By CASANSAAR print Print
The biggest ever tax reforms in the country's history, the Goods and Services Tax (GST) came into effect from midnight. 

The historic launch of GST was done at the Central Hall of Parliament where President Pranab Mukherjee and Prime Minister Narendra Modi launched the new regime by pressing the button. 

Speaking on the occasion, Mr Mukherjee said, launch of GST is a momentous occasion for all in the country. 

The President said, GST is a tribute to the maturity and wisdom of India’s democracy. Mr Mukherjee said, the new era in taxation, is the result of a broad consensus arrived at between the Centre and states. 

The President said, the efforts came from persons across the political spectrum who set aside narrow partisan considerations and put the nation's interests first. 

He said, it is also a moment of some satisfaction for him because, as the Finance Minister, he had introduced the Constitution Amendment Bill on 22nd March, 2011. 

Prime Minister Narendra Modi termed the GST as a good and simple tax which will end harassment of traders and small businesses while integrating India into one market with one tax rate.

Mr Modi said, the indirect tax reform is a result of combined efforts of
various political parties at different points of time. 

Prime minister said, GST is an example of cooperative federalism as the centre and states together thrashed out the new law with consensus. Besides being a transparent and fair system that will end generation of black money and corruption, GST will promote new governance culture that will end harassment at the hand of tax officials.

Mr Modi said, GST will eliminate the compounding effects of multi-layered tax system. The Prime minister said, this tax system will do betterment for the poor and GST council in its meetings displayed great sensitivity towards the need of the poor.

In his address, Finance Minister Arun Jaitley said, after the launch of GST, it will be an India where the centre and states will work together towards the common goal of shared prosperity. He said, the old India was economically fragmented and the New India will create One Nation One Tax One Market. 

The Finance Minister said, it is a journey where India will awake to limitless possibilities, to expand its economic horizons and loftier political vision. 

Mr Jaitley said, the GST may be a destination tax, but for India it will begin altogether a new journey. 

He said, GST Council met 18 times and there was never any need for voting, because of the unanimity. The Finance Minister said, GST shows that India can rise beyond narrow politics.

Vice President Mohd. Hamid Ansari, Former Prime minister H D Deve Gowda, Lok Sabha Speaker Sumitra Mahajan, and a host of political leaders cutting across party lines and senior ministers and bureaucrats from different states witnessed the formal launch of indirect tax regime. #casansaar (Source - NewsonAir)

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