The goods and services tax will be showcased as a unifying force at the midnight event that marks the rollout of India's biggest indirect tax reform. “The world will witness a transformation and how all the political parties of different ideologies united for the implementation of the GST,“ Prime Minister Narendra Modi said in Lucknow, terming the rollout of the GST from July 1 as “historic“.
Finance minister Arun Jaitley set to rest any remaining doubt about the tax being implemented as scheduled. “The hour-long function will mirror the contribution made by different political parties and states to the revolutionary new tax regime,“ he said in New Delhi. The launch function will be held in the central hall of Parliament.
Jaitley reiterated that GST, over the medium to long term, will lead to a rise in central and state revenue as the size of the formal economy will grow. Being a more efficient system, GST will also result in better tax compliance, he said.
The new levy will subsume state and central levies and help create a common market, although some sticking points such as e-way bills remain to be resolved. These pertain to inter-state transactions.
Finance minister Arun Jaitley set to rest any remaining doubt about the tax being implemented as scheduled. “The hour-long function will mirror the contribution made by different political parties and states to the revolutionary new tax regime,“ he said in New Delhi. The launch function will be held in the central hall of Parliament.
Jaitley reiterated that GST, over the medium to long term, will lead to a rise in central and state revenue as the size of the formal economy will grow. Being a more efficient system, GST will also result in better tax compliance, he said.
The new levy will subsume state and central levies and help create a common market, although some sticking points such as e-way bills remain to be resolved. These pertain to inter-state transactions.
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