Here are the live updates of the GST Launch event:
Switching from English to Hindi, Mr Jaitley said, "Mr President, this journey started 15 years ago.... (when) the NDA 1 created a committee that gave a historic report..."
Underscoring that the GST is an "important achievement for whole country", he said, "The consensus highlights that India can rise above politics in interest of the nation... that India can collectively think and act with maturity for a broader purpose."
- It is also a moment of satisfaction to me personally
- In meetings with Chief Ministers and officials, I found most of them had a constructive approach
- I therefore remained confident that GST was a matter of time and it would eventually be enacted
- It is remarkable in 18 meetings of the GST council, all decisions taken by consensus
- The council has pleasantly surprised all of us by completing its task in time
- In a few minutes from now, we will witness the launch of GST
- A unified tax system in the country
- This historic moment is the culmination of a 14-year journey
- The proposal for GST was first moved in 2007
- There are regions of India, like Bihar and West Bengal, that are rich with resources yet they lag in development.
- GST is the biggest opportunity to develop these regions.
- GST in one way is like our railways. States and Centre run it but we see one railway
- We have all lived tax terrorism and inspector raj. Today, due to the transparency of GST, grey areas will end
- This will end the exploitation of traders
- Traders up to Rs 20 lakh are totally exempt from this. Traders up to Rs 75 lakh also have many exemptions
- There were 500 different kinds of tax all over the country. Today we are free from them and we have one nation, one tax.
- Albert Einstein had once said if there is one thing that is most difficult to understand, it is income tax.
- I wonder what he would have said if he had seen our tax system.
- Chanakya had said however difficult the goal may be, we can achieve it through tireless work
- If Sardar Vallabh Bhai Patel hadn't united all kingdoms of India just try and think what India would have seemed like today. Just like that, GST is uniting all markets of India today.
- Some of the best brains of the country have debated on this. GST is a result of that.
- We have always strived for equal opportunities, equal rights. GST is an exemplary example of cooperative federalism. GST is the sign of the power of Team India.
- I congratulate everybody who has helped in this process.
- Today, GST Council had its 18th meeting. And in a while GST will be enacted. It is a coincidence that the Holy book Gita also has 18 chapters.
- Today at 12 midnight, we have united in the Central Hall. This is a place where uncountable icons of our country have set foot.
- The Constitutional Assembly's first meeting was held here.
- Pandit Nehru, Azad, Patel... these great souls were sitting in the front row.
- This place has been witness to the night of 14th August 1947 when the country embraced Independence.
- Today, after years, for a new economy, give new power to our federalism - there can be no better place.
- At different times, under the guidance of great souls, we have been led to new heights that we find ourselves at this stage
- I am grateful to all of you for being here
- The direction that we have picked, the system we have developed is not an achievement of one party or one government, it is our shared inheritance
- In the building of the nation there are some moments when we reach a new turn and try to reach newer heights.
- At midnight we will together decide the course of the future of this country.
- In a while, the country will start a new journey.
- 1.25 billion people will witness this.
Every decision in the GST council was taken with a consensus, not a vote. Principal of equivalence, revenue neutrality and not burdening the weaker sections were the guiding principles, said Arun Jaitley in opening remarks on GST.
- We have implemented a constitutional amendment displaying high point of Indian politics at a time when world is experiencing slow growth, isolationism
- This journey started 15 years ago. NDA-I created a committee that gave a historic report.
- In the 2006, UPA announced it would try to implement this by 2010.
- After your (President Pranab Mukherjee) constitutional amendment, the parliamentary standing committee gave important suggestions
While enacting the GST neither centre, nor state give up sovereignty. They pool their sovereignty.
- At the midnight hour we will be launching one of India's most ambitious tax reforms
- For India it will begin a new journey
Picture this! You take your partner out for a date on his/her birthday to a posh restaurant, have an engaging conversation, wish him/her as the clock strikes 12. You wrap up and call for check.
This is the moment GST makes it presence felt.
With a single tax replacing the current system of multiple taxes, eating out may become cheaper, but restaurants are looking at ways to bill their midnight diners tonight.
Industrialist Ratan Tata reaches Parliament to attend the midnight GST rollout
JUST IN: Prime Minister Narendra Modi arrives in the Parliament for the GST launch
NDTV EXCLUSIVE: Should Tide Over Hurdles In 3-6 Months: Arvind Subramanian On GST Launch
The aviation sector is likely to face "teething problems" for four to six months due to the implementation of the Goods and Services Tax (GST), SpiceJet CMD Ajay Singh told news agency PTI today.
The aviation ministry had earlier sought postponement of the GST implementation by two months on the ground that airlines needed more time to revamp their systems to comply with the new tax regime.
In a U-turn, the ministry later said it was prepared for the GST roll-out from the stipulated date.
There are five main slabs
GST Council chaired by Finance Minister Arun Jaitley in New Delhi during its 18th meeting. Mr Jaitley will throw a dinner for the council members after the meeting.
BJP's cumbersome GST w/5 tier Tax structure(5%,12%,18%,28%,43%), highest rates in the world, will hurt shopkeepers, traders, small business- Shashi Tharoor (@ShashiTharoor) June 30, 2017
BJP's version of #GST excludes too many items, has too many rates, &eliminates UPA's 18% cap. Nation is unready for its hasty implementation- Shashi Tharoor (@ShashiTharoor) June 30, 2017
At midnight with the GST a new direction will be given to the country's progress, PM Narendra Modi said while inaugurating a stadium in Gujarat.
We are in process of economic survey, which will come out in 3rd week of July. So we should wait. On the GST, there will be implementation challenges but whatever the impact wil be temporary. In the long term, it will boost growth potential substantially.
The scope for having uniform and lower rates are... the scope is enormous. In principal I think we should get down to you know something like, somewhere between 12, 13, 14 percent long term.
At some stage you know you can't keep talking about having a GST. You have to actually do it and then hope that things will improve over time.
I think that there's also the sense that now that it's going to happen, now that people know it's going to happen, the advantage of a credible deadline is that it just forces people to get to speed with preparation and I think probably in the last two to three weeks a lot of that has happened, obviously not fully but I expect that over time, next you know 3 to 6 months we should tide over these challenges.
For me the two big fixes will have to be
(1) the rates..I think we need to over time move to no more than two to three rates.
(2) But to me or equally more important is the base I think..land and real estate, power, health, education, alcohol petroleum, at some stage we have to aspire to bring all these into the net
Wider the base the more you bring down rates.
- The GST council has shown that it will work on basis of consensus. It is a democratic process.
- The quality and spirit of decision making has been remarkable
- States can still generate revenue from indirect taxes. They retain sovereignty.
After 17 years, a nationwide Goods and Services Tax (GST) will rollout from midnight tonight, overhauling India's convoluted indirect taxation system and unifying the $2 trillion economy with 1.3 billion people into a single market.
Read on to know the important events that led to its launch this midnight
- At the stroke of midnight on 14th August, 1947, India won her freedom. Now, at the midnight of 30th June, 2017, freedom and democracy stand to face grave danger.
- The mockery of Inspector Raj is back.
- I am shocked to find that the GST rules contain a rather draconian arrest clause which can lead to major harassment of business, particularly the small and medium, with some sections even being non-bailable too.
- Given the atmosphere in the country of vindictively targeting anyone who dares to disagree with the Central Government, I am deeply concerned that the arrest clause in GST may well be used to target business leaders who raise their voice of dissent on any policy matter or any practices.
"The protest is against the implementation of the law through an ordinance instead of discussing the same in the state assembly," Opposition leader Ramesh Chennithala said today.
At the dinner, Finance Minister Arun Jaitley will thank all the state Finance Minister who not only cooperated with the Centre but took every decision by consensus.
Prime Minister Narendra Modi will join in at the dinner after concluding his Gujarat trip.
GST will increase growth as number of taxes and cesses will reduce and number 2 (illegal) transactions will end.
Digital currency is now the (preferred) currency, so, every transaction is recorded and they (companies, restaurants) now have to pay the tax.
Revenue will increase and we can use the money for the people and economy.
- Companies with turnover upto 20 lakh, there is no GST but those with turnover upto 75 lakh, 1-3 %
- Sanitary napkins, produced by multi-national companies- and hence they have to pay taxes.
- There are thousands of women self-help groups that manufacture sanitary napkins. We need to promote SMSEs and these groups too.
- Amit Mitra is a good man. But due to political compulsions he is saying that. (He is boycotting the GST launch)
- GST was unanimously supported by all. It is time for people to support it. Do not think politically on this subject.
- Before GST, there were 70% number 1 (legal) transaction, 30% number 2 (illegal) transactions. With GST, there will be 90% number 1 transactions.
- States will get 10-20% more taxes.
- Once more number of people pay taxes, we will eventually get to reduce rates.
- Due to GST, there is an abolishment of 17 taxes and 22 cesses. This is a relief to investors.
- Take the example of sugar. Compare the prices of sugar in Delhi pre-GST and post-GST. You will get the answer.
- The Finance Minister has given assurance that any cost - cost of GST - would not increase than previous rates levied by states.
- The Congress Chief Ministers and Finance Ministers in state assemblies and Congress in parliament supported the bill. Now they call it a 'tamasha'. This is a political compulsion. They once said GST is their child, now they are criticising their own child.
- When I was BJP chief, our party was convinced and supported GST.
- But there was a provision that tax would be collected by union and distributed to state. This was objected by Mr Modi, then Gujarat CM and Shivraj Chouhan, Madhya Pradesh Chief Minister.
- We conveyed it to Pranab Mukherjee, then Finance Minister.
- It is important to give a new economic approach to the country.
- This revolutionary decision taken by the country, with the support of all parties.
While the rollout day of July 1 will be known as 'GST Day', all the offices of the Central Board of Excise and Customs (CBEC) have been instructed to be open on Saturday as a trade facilitation measure.
"July one will be known as 'GST Day' and celebrated in all offices of CBEC just as we celebrate Central Excise Day and International Customs Day," CBEC Special Secretary and Member S Ramesh said.
The bandh call was given by Uttar Pradesh Udyog Vyapar Pratinidhi Mandal, which also got the support of around 50 trade organisations.
The traders alleged the bandh caused a loss of over Rs 2,000 crore.
Housing prices will come down after the GST rollout, Union Minister M Venkaiah Naidu today said, while expressing confidence that the landmark tax regime along with property law will bring big relief to home buyers.