One nation one tax-GST began at midnight

The Goods and Services Tax (GST) has been  launched on the midnight of June 30 that is the beginning of June 1 at a function inside the Parliament’s Central Hall. President Pranab Mukherjee, Vice-President Hamid Ansari, Prime Minister Narendra Modi, Speaker Sumitra Mahajan and former prime ministers Manmohan Singh and H D Deve Gowda were among those present at the event.

Speaking on occasion here in the central hall the PM Modi thanked all of them who came to support the cause of GST. Different Governments have worked on this GST and made it possible he said. We are sitting where great leaders sat and spent time for he welfare of the people he said.

GST is being done for a new and powerful economy he said .GST is the symbol of cooperative symbol of federalism. The states and the centre together will implement the same he assured. This will continue the welfare of the poor he said. He complimented all the partners who made it possible.

All the members of the Parliament, state finance ministers, GST council members and those who have been part of the GST process will be present at the event, Jaitley added.

Jaitley said the tax reform might face short-term challenges but in the long run it will check evasion. “The revenues will grow and the spending power of the states and centers will increase, it will have a positive impact on the economy…. In short term, there will be some challenges in switchover to GST.”

Asked about industry bodies, small and medium enterprises, not being prepared for the switch over to GST, Jaitley said the date of rollout has been announced well in advance and so “nobody had any business not to be ready”.

Besides, additional time has been given in the initial period for filing of the results, thus giving enough time to prepare for the transition, he said. On the anti-profiteering clause in the GST law, he said the provision has been made as a deterrent which is not intended to be used unless forced to.