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Modi Says GST Means Good And Simple Tax

न्यूज़ वर्ल्ड इंडिया | 0
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| July 1 , 2017 , 10:37 IST

GST is being considered as India's most ambitious tax reform since independence. It was launched by the Narendra Modi government at the stroke of midnight on Friday and Saturday, marked by the sound of a gong. The national anthem followed. The GST launch took place amid much fanfare at the central hall of Parliament which was decked up with flowers and lights to celebrate the momentous occasion.

Also Read: Lok Sabha Approves GST Bill

PM Modi, who's well known for his gift of the gab, smartly expanded GST as 'good and simple tax' while delivering his speech, which was received by a thundering applause by the attendees thumping the table, a common ritual at the Parliament for expressing joy or praise.

"GST is a good and simple tax regime that will eliminate the compounding effects of the multi-layered tax system," PM Modi said.

The prime minister said that the fruition of GST is not one government or one party's doing but has been a collective effort. "The road we have chosen, this is not just one party's doing, this is not just one government's work. This is a joint effort," he said

There may be initial hiccups and teething troubles, he said, as the transition to GST takes place, as is the case with anything that's new. He gave the analogy of how sight corrective spectacles with updated new power are initially uncomfortable and take a few days to settle in.

Jaitley was followed by Prime Minister Narendra Modi, who spoke at length after returning from a two-day Gujarat trip just hours earlier. "We are setting India's roadmap with GST," Modi said. "The best brains in the country worked together for GST."

Before going on to list a number of problems that GST would solve, including black money, corruption and tax evasion, Modi drew a parallel between the national tax and the Bhagwad Gita. "It is a co-incidence that Gita has 18 chapters and today was the 18th meeting of GST Council," Modi said.

GST touted as the single biggest tax reform since India's independence in 1947 is expected to add 2 percent to the country's GDP (gross domestic product). The ambitious tax reform will subsume around a dozen central and state taxes that are levied on goods and services.

(INPUTS FROM IANS AND PTI)