Prime Minister Narendra Modi is addressing a gathering of trader associations, chartered accountants, various chambers of commerce and industry and business people at the Indira Gandhi Indoor Stadium here.
Hailing the Goods and Services Tax (GST), BJP chief Amit Shah today said that the new tax regime would accelerate the country's economic growth and end the 'inspector raj'.
The GST, India's biggest tax reform since Independence, was rolled out past midnight Friday at a gala event organised in the Parliament's Central Hall.
Finance Minister Arun Jaitley countered the criticism against the 'hurried' launch of GST, saying it was a reform that had been discussed for 15 years
Industry doyen Ratan Tata, RBI Governor Urjit Patel, Member of Parliament cum cine star Hema Malini and Shatrughan Sinha hogged much limelight with many of the participants greeting them.
Mukherjee recalled the proposal to introduce GST was first mooted in the Budget Speech for the financial year 2006-07.
In his speech at the Central Hall of Parliament, PM Narendra Modi invoked Einstein, Sardar Patel and the Bhagavad Gita
Modi said GST will eliminate the compounding effects of multi-layered tax system.
Jaitley said the implementation of the landmark unified tax should be seen as the beginning of a new journey that will expand the country's economic horizon.
Prime Minister Narendra Modi said GST is the combined legacy of all involved and not of one government or political party
PM Narendra Modi , who rose to power in 2014 on the promise of big bang reform, termed GST as a ‘Good and Simple Tax’, saying it will put an end to tax terrorism and Inspector Raj
The GST difference of fare shall not be collected on the tickets booked in advance as the GST shall be applicable on tickets issued on or after July, 2017, said a senior Railway Ministry official.
West Bengal's ruling Trinamool Congress has announced boycott of the midnight GST roll-out event in Parliament.
The GST Council, in another move to give relief to farmers, also cut tax rate on exclusive parts of tractors from 28 per cent to 18 per cent.
While some goods and services will become a little more expensive, 81 per cent of items of daily usages have been kept under the 18 per cent tax rate. Overall, according to the government, the impact of the GST will be beneficial to everyone.
Banerjee's Trinamool Congress is boycotting the GST roll-out midnight event in Parliament.
Gadkari added that bringing petrol and diesel under the GST net would increase the revenue of the states and it was for them to decide if they wanted to move in that direction.
Anti-profiteering rules under the Goods and Services Tax provide for cancellation of registration of an entity or business if it fails to pass on the benefit of lower taxes or input tax credit to consumers in a commensurate manner
At the stroke of the midnight hour, India launched its ambitious pan-India indirect tax regime, the Goods and Services Tax (GST) to bind the country into a regime of 'one nation, one tax, one market'.
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