No excuse for firms not to be ready for India's GST - Jaitley

Remigio Civitarese
Giugno 20, 2017

New Delhi, Jun 20 Reminiscent of India's tryst with destiny at the mid-night of August 15, 1947, Parliament's historic Central Hall will host a function on the intervening night of June 30-July 1 to ring in the nation's biggest tax reform - GST.

Finance Minister Arun Jaitley on Tuesday announced that India will switch the indirect tax system to GST on the midnight of June 30 and July 1, regardless of any further preparation part of taxpayers.

The session will start at 11pm on June 30 and ends at 12.10 am on July 1. President Pranab Mukherjee will officially launch the Bill at Parliament's Central Hall.

The GST Council had earlier chose to relax the deadline for filing of returns for the first two months following GST's rollout.

Two former Prime Ministers Dr Manmohan Singh and HD Deve Gowda have also been invited to be present on the dais, Mr Jaitley said at a press conference.

The GST launch function will be held at the Central Hall of Parliament where Members of Parliaments (MPs), chief ministers (CMs) and state finance ministers have been invited, he said.

In other words, the GST will put all taxes levied by state and Central government in one basket and merge them into a single-tax system, thus doing away with multiple taxation and promoting the concept of a common market for all.

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.

Mr. Jaitley added that there will be a brief one-hour function where the Mr. Modi and Mr. Mukherjee will speak on the subject, after which two short films on GST will be screened.

Food items will not attract any tax and have been kept in the zero-per cent slab.

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