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emfizz.com August 20, 2017


GST will be launched on midnight of June 30, says Arun Jaitley

20 June 2017, 10:45 | Jan Cross

GST will be launched on midnight of June 30, says Arun Jaitley

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A special event will be held at the historic Central Hall of Parliament on June 30 to mark the roll-out of the Goods and Services Tax.

The government is also considering convening a meeting of GST Council every quarter to review the tax rates on various items on the basis of loss of revenue to states due to migration to the new tax regime, ET Now report said, adding that the council will also try to identify the items under GST causing exceptional loss to the Centre. The session will start around 11 pm on June 30 and end at 12.10 am on July 1. President Pranab Mukherjee will officially launch the Bill at Parliament's Central Hall.

Vice President Hamid Ansari, Prime Minister Narendra Modi will be present, while two former PMs - Manmohan Singha and H.D. Deve Gowda - have been requested to attend.

Chief ministers of all states will be invited for the event as GST represented an unprecedented exercise in fiscal federalism, sources said, adding GST council members will be the guests.

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Speaking about the anti-profiteering laws that were recently cleared by the GST Council on Sunday, Jaitley said that the clause in GST is a deterrent which is not meant to be used unless forced to.

Arun Jaitley recently dismissed speculations around the unpreparedness of the Goods and Services Tax Network (GSTN) for rolling out the new tax regime on July 1.

More than 6.5 million businesses have already signed up for the GST, Mr Jaitley said earlier this week, pointing that that's more than four-fifths of those already registered to pay India's old business taxes. They will be on dais for GST launch. GST will simplify a web of taxes, regulations and border levies by subsuming an array of central and state levies including excise duty, service tax and VAT. "In the short term, there will be challenges".



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