Diabytes
GST launch News
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Praising President Pranab Mukherjee and Prime Minister Modi for the GST launch, he said the midnight witnessed India's biggest tax reform since Independence.
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Finance Minister Arun Jaitley said rollout of the GST will ease inflation, make tax avoidance difficult and boost GDP growth.
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Arun Jaitley speaking in parliament on the occasion of the launch of the Goods and Services Tax (GST).
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Jaitley said India has done this at a time when the world is facing slow growth, isolationism and the lack of structural reforms.
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The historic Goods and Services Tax (GST) was launched by President Pranab Mukherjee and Prime Minister Narendra Modi at midnight today unveiling the new tax regime replacing overnight the messy mix of more than a dozen state and central levies.
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India's 1.25 crore people will witness tonight's historic midnight launch of GST, PM Modi said.
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Under the Goods and Services Tax, effective Friday midnight, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
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Asked what GST means for India in economic terms globally if the country boosts its GDP by two per cent ahead of China, he pointed out that China has the second largest economy in the world, whose GDP was four times that of India.
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Under the Goods and Services Tax (GST), telecom services would be taxed at 18 percent compared to 15 percent currently.
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The nation-wide Goods and Services Tax (GST), which comes into effect from midnight, will overhaul India's convoluted indirect taxation system and unify the USD 2 trillion economy with 1.3 billion people into a single market.
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Diners may be presented with two bills in some places -- one before Friday midnight, and one after 12 AM.
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On Thursday, the government hiked the GST rate for the construction sector to 18 percent from 12 percent but removed land value from computation of tax liability.
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The Minister of State for Civil Aviation said that multiple rates were needed under the GST in efforts to ensure price stability and revenue neutrality.
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The nationwide Goods and Services Tax (GST) will overhaul India's convoluted indirect taxation system and unify the over USD 2 trillion economy with 1.3 billion people into a single market.
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GST will be rolled out nation-wide from Friday midnight, overhauling India's convoluted indirect taxation system and unifying the over USD 2 trillion economy with 1.3 billion people into a single market.
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Telephone bills and mobile handset prices will go up from July 1 when the new Goods and Services Tax regime kicks in, raising incidence of taxation on the telecom sector.
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