GST comes into force after 17 years of debate
GST
Dated:- 1-7-2017
New Delhi, Jun 30 (PTI) The Goods and Services Tax (GST) India's biggest tax reform since independence tonight came into force after 17 tumultuous years of debate, unifying more than a dozen central and state levies but doubts remained if the transition to a national sales tax will be without any glitch.
\nThe new tax regime was ushered in at a late night event in the historic Central Hall of Parliament, reminiscent of the midnight 'tryst with destiny' in 1947.
\nPrime Minister Narendra Modi termed the new levy as "good and simple tax" that marks economic integration of India.
\n"There are 500 types of taxes that play their roles.
\nToday we are getting rid of them," Modi said. "From Ganganagar to Itanagar and Leh to Lakshadweep, it is one nation, one tax."
\nThe day marks a decisive turning point in determining the future course of the country, he said, adding GST wo<\/p>\n
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\nBesides Modi and Mukherjee, the starry midnight launch was attended by Vice-President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan and former prime minister H D Deve Gowda.
\nMukherjee and Modi pressed a button in a specially crafted box at the stroke of midnight to launch the new tax regime which overnight replaced the messy mix of more than a dozen state and central levies built up over seven decades.
\nThe one national GST unifies the country's USD 2 trillion economy and 1.3 billion people into a common market, an exercise that took 17 tumultuous years.
\nModi said GST will eliminate the compounding effect of the current multi-layered tax system as well as the cross- state tax heterogeneity by fixing the final tax rate.
\nIt will reduce cost and save money, he said.
\nWhile the measure is billed as making doing business easier by simplifying the tax structure and ensuring greater compliance, businesses part<\/p>\n
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\nThe government promises that the transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories. It is estimated to add 0.4 per cent to 2 per cent to GDP growth.
\nBut 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 tax regime.
\nHours before the midnight launch, the GST Council – the highest decision making body that formulated the rules and tax rates, met for the 18th time. Prime Minister Narendra Modi joined the council members briefly.
\nFor some businesses, the GST is complex with four broad tax categories of 5, 12, 18 and 28 per cent, and myriad exceptions, as opposed to a simpler, flatter and broader sales taxes in other countries.
\nSwitchover to the GST has added to the worries of businesses that<\/p>\n
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