Published: Sun, July 02, 2017
World Media | By Joan Schultz

Goods and Services Tax

Goods and Services Tax

Prime Minister Narendra Modi's midnight tryst with India's biggest tax reform was boycotted by a large chunk of the Opposition, led by the Congress, with party vice-president Rahul Gandhi dubbing the implementation of GST as a gimmick which was being rushed through in a "half-baked" manner in a "self-promotional spectacle".

"J&K has a different system because of the Article 370 giving it special status".

Jaitley also said India will not face a situation like other countries where the GST like taxes have been rolled out and seen higher inflation.

"As the nation celebrate the birth of a historic GST, which is expected to change the course of economic development of the nation, I hope all of us appreciate that like every new born, GST also has to go through the teething troubles", said Sachin Menon - partner and head (indirect taxes) at KPMG in India. These people were opposed to such economic integration. The GST will improve the ease of doing business for corporates.

"It shows India can collectively think and act with maturity for broader goal", Jaitley said. "GST is a simple, transparent system which prevents generation of black money and curbs corruption", said Modi, who jolted the country previous year by withdrawing more than 85 percent of India's bank notes from circulation in a clampdown on under-the-table dealings.

Another bill is surfacing online which shows a bill without GST, as fresh fish is exempted from the tax. After Prez speech, President and Narendra Modi pressed the button to officially announce GST rolling. In a little while, the country will move in a new direction.

India today adopted the goods and services tax (GST), the country's biggest tax reform in 70 years, which the government said would transform the US$2 trillion (US$1 = RM4.29) economy in the coming years.

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"Introduction of Goods and Services Tax (GST) is a momentous event for the nation".

PM Modi also thanked all the Parliamentarians for their crucial presence.

"Though we have missed the (July 1) deadline, we will wish to take everybody along before taking any decision", Public Works Minister Naeem Akhtar said.

"Sardar Patel integrated India territorially, GST is integrating India economically", Prime Minister Modi tweeted. "It ends the grey are completely", he said.

The qualitative change in tax rates was warmly welcomed at the official launch of GST at the headquarters of a trade body at Red Hills here on Saturday.

"We want to clear our stocks and bring our inventories to zero so that we don't have to pay new taxes on existing goods", said Anuranjan Thakur, manager of the Electronics Paradise store in the Lajpat Nagar market.

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