Govt all set to ring in GST at stroke of June 30 mid-night
GST
Dated:- 20-6-2017
New Delhi, Jun 20 (PTI) Reminiscent of India's tryst with destiny at the mid-night of August 15, 1947, Parliament's historic Central Hall will host a function on the intervening night of June 30-July 1 to ring in the nation's biggest tax reform GST.
Announcing that the switchover to the Goods and Services Tax (GST) will kick in at the stroke of mid-night, Finance Minister Arun Jaitley said the hour-long function will mirror the contribution made by different political parties and states to the revolutionary new tax regime.
The circular-shaped Central Hall had previously hosted a function that marked 50 years of Independence.
Presid
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s of the Centre and states as the size of the formal economy will grow.
GST being a more efficient system will also result in better tax compliance, the finance minister stressed.
However, in the short term, "there will be some challenges" in switchover to GST, he pointed out without elaborating.
Asked about industry bodies talking about small and medium enterprises not being prepared for the switchover to GST, Jaitley said July 1 as the rollout date has been announced well in advance and so "nobody had any business not to be ready".
Besides, additional time has been given in the initial period for filing of the results, thus giving enough time to prepare for the transition, he said.
On the anti-profiteering clause
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