GST: India’s biggest ever tax reform launched

01 July, New Delhi

The biggest ever tax reforms in the country’s history, the Goods and Services Tax (GST) came into effect from midnight.

The historic launch of GST was done at the Central Hall of Parliament. President Pranab Mukherjee and Prime Minister Narendra Modi launched the new indirect tax regime.

Speaking on the occasion, Mukherjee said, launch of GST is a momementous occasion for all in the country and GST is a tribute to the maturity and wisdom of India’s democracy.

Modi in his speech said, GST is a good and simple tax regime that will eliminate the compounding effects of multi-layered tax system. The Prime Minister said, GST is transparent and fair system that prevents black money and corruption and promotes new governance culture.

He said, GST is an example of cooperative federalism and it is a result of combined efforts of all political parties.

Vice President Mohd. Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan, Finance Minister Arun Jaitley and a host of political leaders cutting across party lines and senior ministers and bureaucrats from different states witnessed the formal launch of indirect tax regime.

A gong was sounded at midnight to signify the birth of GST which paved the way for realization of the goal of One Nation- One Tax – One Market.