New Delhi sources have stated that Goods and Services Tax (GST), India's biggest tax reform, was launched at midnight at Parliament's historic Central Hall, by President Pranab Mukherjee and Prime Minister Narendra Modi. With the stroke of the gong, current tax rates are replaced by GST rates.
Sources have stated that this is the fourth time since Independence that an event was held there at midnight. The last three celebrated India's Independence and that is among the reasons that the Congress had listed for boycotting the GST launch. Several other opposition parties too stayed away. GST, which replaces a slew of indirect taxes with a unified tax, is set to dramatically reshape the country's 2 trillion dollar economy.
Meanwhile Arun Jaitley in the opening remarks of GST said "Every
decision in the GST council was taken with a consensus, not a vote. Principal
of equivalence, revenue neutrality and not burdening the weaker sections were
the guiding principles". It was further added that the next three GST Council
meetings will be on 1st Saturday of the coming months, starting from August.
