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GST will unify the country's economy

GST will unify the country's economy

He added that GST will promote new governance culture that will end harassment at the hand of tax officials. Certain items have been exempted from the tax base completely.GST has two components- Central GST (CGST) that will be levied by the Centre, State GST that will be levied by States and there will also be another component of Integrated GST (IGST) levied by Central Government on inter-State supply of goods and services. "81per cent of items to fall below or in 18 per cent GST slab", it said.

The biggest tax reform since independence - GST - will pave the way for realisation of the goal of One Nation - One Tax - One Market.

The sharpest critics of the Goods and Services Tax's midnight launch at Parliament's central hall had absented themselves.

The Goods and Service Tax (GST) was rolled out by Prime Minister Narendra Modi in the presence of President Pranab Mukherjee, Vice President Hamid Ansari, chief ministers of all states, speaker Sumatra Mahajan and MPs of both Houses in the Parliament's Central Hall at midnight.

"With GST, the dream of one India, great India, will come true", the prime minister said.

"Inflation will come down, tax avoidance will be hard, India's GDP will be benefitted and extra resources will be used for welfare of poor and weaker section", Finance Minister Arun Jaitley said at GST launch event in Parliament. Chidambaram said. "Small, medium and micro scale entrepreneurs and traders will be affected in a big way because they are not ready for the roll out of the new law".

Modi also said that GST would eliminate the compounding effects of multi-layered tax system.

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"Some felt it [12 per cent GST rate] may be a burden on the consumer". Most agricultural and food products will attract zero percent tax.

"I was closely involved in the design and implementation of GST as the then Finance Minister". "Today, I-T returns are also filed online, so nothing is impossible, it is easy", Adhia said.

The moment was followed by a promotional video on the Goods and Services Tax.

"GST is a simple, transparent system that prevents generation of black money and curbs corruption", the prime minister said. Shampoo and washing powder will be charged at a rate of 28%, and will be expensive under GST.

President Pranab Mukherjee said the new indirect tax system was a "disruptive change", and any initial problems in its implementation would be overcome. "The beginning of a new era in taxation is about to initiate in a few minutes".

According to Pratik Jain, PwC India Partner and Leader, Indirect Tax, once the regime settles in, "we can look forward to it spurring the economy by incentivising manufacturing and making business decisions independent of taxes".

Rating agency ICRA said that while GST would lead to an increase in compliance in some sectors, it would also reduce the competitiveness of the informal businesses who are expected to lose out to the formal and organised players.

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