Biggest-ever tax reform ushered in as India rolls out GST

Biggest-ever tax reform ushered in as India rolls out GST

"Tonight, at midnight, we will together move the nation forward".

The Prime Minister further said, "GST would unify the country's economy".

There are protests and industrial strikes continuing across the country over the GST tax rates and compliance burdens. "State Government and Political parties must have one position on GST", Jaitley said.

Although, under the new GST, the taxes applicable on airconditioned and non-aircontioned spaces will be 18 per cent and 12 per cent respectively, Sukhija said charges for AC restaurants would be levied even if a customer dined outdoors.

The Good and Service Tax has been rolled out.

Mahika Sharma: GST is one of the biggest fiscal reforms in India since Independence.

"Every state Government of Congress opposed petroleum being brought into the GST".

The function will be attended by Indian president, vice-president, speaker of Lok Sabha, the lower house of the parliament, and finance minister, besides other important dignitaries.

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GST will bring a transparent tax system, Modi said, adding that it will curb corruption and black money in the economy and incentivize honesty.

"GST is a radical tax reform and enterprises should be ready for it".

However, the Congress and the Left parties have chose to skip the launch. The lack of bipartisan political presence in the event somewhat tempered the grandness of the event created to draw comparison with August 15, 1947 marked by India's first Prime Minister Jawaharlal Nehru's famous "Tryst with Destiny" midnight speech in Parliament. You (states) are a participant in all decision and at the eleventh hour you say postpone it. its not possible. "Similarly, GST is the economic integration of India".

Unlike Singapore, there are four tax bands from 5 per cent, 12 per cent, 18 per cent and 28 per cent on goods as part of a compromise formula agreed between the federal government, 29 states and seven union territories. In the days ahead, as nation goes through the initial pain of transition to the new tax regime, Modi government can expect more attacks from a united opposition.

# GST will make India's exports more competitive and provide level-playing field to domestic industry to compete with imports.

But some businesses are still figuring out how it will work as they race against time to adopt or upgrade cash registers and computer systems so they are able to file monthly tax returns to comply with the new regime. "It is true that everybody is not technology friendly".

Asserting that the GST reform showed that India can rise above narrow politics and embrace inclusivity, Jaitley said while implementing the GST, neither the Centre nor any State will give up their sovereignty.

Randeep S Surjewala, Congress Spokesperson: He said the GST would harm the farming community and the textile industry in the country.