Will be switching to GST regulation from June 30 midnight.


The Goods and Service Tax (GST) will be introduced to the country at the midnight of 30th June in the central hall of The Parliament. Finance Minister – Arun Jaitley told the press conference that President Pranab Mukherjee, Vice President Hamid Ansari, PM Narendra Modi and former PM Manmohan Singh and H.D. Deve Gowda will be present during the launch of GST.

“GST switch-over will happen from June 30 midnight. Late on June 30, a programme will be organised in the Central Hall where all Members of Parliament, state Finance Ministers, Chief Ministers and officials who assisted in (the roll out of) GST and chairpersons of the Empowered Committee will be present,” – Arun Jaitley said .

He also said acknowledging the role of previous govt. In GST, ‘ Many govt. Has played important role in GST. The UPA govt. Announced GST in 2006 and Constitutional amendment was introduced in 2011. GST was passed unanimously by Parliament in 2016.” Till now, apart from Kerala, Jammu and Kashmir, all other states have passed the state GST law. While Kerala will pass SGST this week while process is on in Kashmir.

Both President and Prime minister will speak on GST and 2 short films related to GST will be screened. “For July and August, we’ve given some extended time to the traders to prepare themselves and it’s not a complicated system”, he said.

Jaitley said till now 65 lakh traders have registered themselves under GST. “States and Center’s revenue will increase. It should have positive impact on GDP. Size of formal economy should increase. In short term, there could be some challenges. But in the long run, the number of assesses will increase,” he added.

Shubhangi

writter

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2 Comments

  • Blog Bucket
    June 23, 2017 at 12:24 am

    Hopefully GST will increase the GDP and will act like a boon.

  • Liz Stephenson
    June 23, 2017 at 12:28 am

    Intereting! I love reading about other countries happenings. Good luck!

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