India in new economic era with GST

India in new economic era with GST

"J&K has a different system because of the Article 370 giving it special status". He added that the GST was an achievement for "Team India".

Talking about the GST rollout, Minister of State for Finance Santosh Gangwar said it is a big economic reform for the country. These people were opposed to such economic integration.

GST was off to a mixed and cautious start with traders and the common people keeping their fingers crossed about its possible impact.

He further said, "GST showcases the power of Team India, It shows how the Centre and states come together to do good for the poor". Adding to the complexity, businesses with a pan-India operation face an arduous task of filing over 1000 digital returns a year.

Those opposed to the GST demanded some amendments to enjoy some benefits.

Speaking at the Tryst With Tax Conclave of India Today yesterday, Bibek Debroy asserted that "only 6 or 7 countries, not more than that" have implemented GST.

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Aggrawal appreciated the new tax system, saying: "It will remove the variation of prices that existed". President Pranab Mukherjee, in his address, stated that the roll out of GST marks "a moment of satisfaction for me personally" as he had been involved in the process during his tenure as Union Finance Minister.

Finance Minister Arun Jaitley said India needed to evolve a mindset where paying taxes was the "new normal" in order to move from a developing nation to a developed one.

"Sardar Patel integrated India territorially, GST is integrating India economically", Prime Minister Modi tweeted. This path we have chosen is not one party or one government's. As part of the empowered committee, I had the opportunity to meet the chief ministers of Gujarat and Maharashtra, among others. "GST will give all the states the chance to progress equally". "We are deciding India's future", he said in a speech after recounting some of the historic events that the central hall had witnessed including the first meeting of the constituent assembly. He also maintained, "As we transition to a unified tax system, there will be some teething troubles as with anything which is a novel concept (Read demonetization)".

So-called "sin" goods like tobacco will be slapped with extra levies, while states will still be allowed to separately tax some products including alcohol, petrol and aviation fuel.

Hours before the midnight launch, the GST Council, the highest decision making body that formulated the rules and tax rates, met for the eighteenth time.

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