GST will be launched from mid-night of June 30-July 1: Finance Minister Arun Jaitley
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Finance Minister Arun Jaitley on Tuesday said that the Goods and Services Tax will be launched from mid-night of June 30-July 1.
GST launch function will be held at the historic Central Hall of Parliament. "MPs, CMs and state Finance Ministers being invited for the function," said Jaitley.
Jaitley also said that there will be some short term challenges. "65 lakh asseses have registered for GSTN," the Finance Minister said.
Prime Minister Narendra Modi will be the key speaker at the function where President Pranab Mukherjee is also being invited.
GST will simplify a web of taxes, regulations and border levies by subsuming an array of central and state levies including excise duty, service tax and VAT.
It will gradually re-shape India's business landscape, making the world's fastest-growing major economy an easier place to do business.
GST has been dubbed as the most significant economic reform since BJP government came to power in 2014 and is expected to add as much as 2 percentage points to the GDP growth rate besides raising government revenues by widening the tax net.
A four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars and consumer durables has been finalised. The other slabs of tax are 12 and 18 per cent.
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