GST rollout in India: Biggest tax reform formally launched by PM Modi, President Mukherjee

New Delhi: An illuminated Parliament ahead of midinight launch of 'Goods and Services Tax (GST)' in New Delhi on Saturday. PTI Photo by Manvender Vashist  (PTI6_30_2017_000233B)

New Delhi: An illuminated Parliament ahead of midinight launch of ‘Goods and Services Tax (GST)’ in New Delhi on Saturday. PTI Photo by Manvender Vashist (PTI6_30_2017_000233B)

Goods and Services Tax (GST), the biggest fiscal reform India has seen since Independence, was formally launched by Prime Minister Narendra Modi, and President Mukherjee on Saturday. Speaking at the launch ceremony at the Central Hall in Parliament, President Mukherjee said, “It is remarkable that 18 meetings held so far, all decisions have been taken by consensus in the council. GST is a tribute to the maturity and wisdom of India’s democracy,” he said.

The President also added that the tax reform will act as a major boost to economic efficiency, tax compliance and domestic and foreign investment. Prime Minister Narendra Modi expressed deep satisfaction at the launch when he said, “GST is a good and simple tax regime that will eliminate the compounding effects of multi-layered tax system: Prime Minister. Meanwhile, former Prime Minister Manmohan Singh skipped the launch event owing to Congress’ boycott of the ceremony with the Opposition playing hardball by not being a part of the midnight joint session of Parliament.

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Credit: indianexpress.com