Key Takeaways From GST Launch | Goods and Service Tax | BIG Shakeup | Tax Reform
India’s largest tax reform ever since independence Goods and Service Tax ( GST ) comes into force after the mid-night launch on Friday.
GST, which actually aims at bringing the entire country under single taxation system, was launched by President Pranab Mukherjee and Prime Minister Narendra Modi by pressing a button at a special function in central Hall of Parliament.
Addressing the launch, Prime Minister Narendra Modi said the GST was the outcome of joint efforts of all political parties and it does not belong to any one party or one government.
It is a great example of cooperative federalism which shall facilitate inclusive growth of the country, Modi said.
PM said all states are scheduled to gain greatly as they will now get equal opportunities of development. GST is the first of its kind system in the country when both centre and states will be putting combined efforts in the same direction, he said.
President Pranab Mukherjee said GST council, centre and states should continuously improve and refine the GST in the same spirit that we have seen till now.
The GST Council should continuously review the implementation and suggest suitable improvements to the new inDirect Taxation regime, President said.
Addressing the event, Finance Minister Arun Jaitley said the GST will lower prices, make tax avoidance difficult, boost GDP and bolster government resources allowing greater spending on the welfare of the people.
Mr. Jaitley further said there will also be a check on inflation.
