losangelesnewstoday.com April 26, 2018

Indian PM Narendra Modi launches sweeping tax reform

02 July 2017, 01:03 | Katrina Lee

Indian PM Narendra Modi launches sweeping tax reform

GST impact on gold Be ready to pay more from July 1 as gold prices set to rise

The goods and services tax (GST) replaces more than a dozen levies imposed nationally and by the 29 states.

Earlier, Union Finance Minister Arun Jaitley said that launching of GST was one of India's biggest and most ambitious Tax and Economic Reform in history.

The finance minister also said that he was hopeful that Jammu and Kashmir will clear GST soon.

"The parties concerned need to reconsider their position and build a consensus on GST, because the consequences of not implementing it would be awful for the people of J&K", Jaitley said.

At the stroke of midnight, Goods and Services Tax (GST) was officially launched at the Parliament's historic Central Hall, by President Pranab Mukherjee and Prime Minister Narendra Modi.

The main opposition Congress party dismissed the tax launch event as a "publicity gimmick".

Here's a look into what went on inside the session.

JK Rowling marks 20 years since Harry Potter appeared
In response, fans made sure to tell Rowling just how much her lovely series of stories has meant to them. In fact, there were exactly 1,078 days between the release of Goblet of Fire and Order of the Phoenix .

The Prime Minister added that GST was a result of hard work of all political parties.

To West Bengal Chief Minister Mamata Banerjee's jibe that GST would bring back "inspector raj", PM Modi said references of "tax terrorism" and "inspector raj" weren't new in India. the message was that rather than increasing, GST's online interface would end these sources of harassment. "From Ganganagar to Itanagar and Leh to Lakshadweep, it is one nation, one tax", he said.

Ratan Tata, patriarch of India's largest business group, Bollywood superstar Amitabh Bachchan and the country's most famous singer Lata Mangeshkar will attend the ceremony.

Dattatreya also slammed the Congress and the Left parties for not remaining present for the GST launch function in Parliament's central hall yesterday night. Today we are getting rid of them. The GST will improve the ease of doing business for corporates. "But when the GST is applied everything will cost more so we made a decision to just go ahead and buy it now".

Most economists agree the reform-first proposed in 2006 - is long overdue, but warn of an initial shock to the economy as businesses adjust.

"It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive", the spokesman said. Shampoo and washing powder will be charged at a rate of 28%, and will be expensive under GST. Despite the huge promo exercise, traders and businesses who are the crucial link to the success of the GST remained anxious about the provisions of the GST tax structure, preparedness of the GST Newtork interface (GSTN) and fear of a return of harassment by tax officials as they have to file three sales reports in a month and 37 in a year.

Other News

Trending Now

Kawhi Leonard, Danny Green earn NBA All-Defensive honors
Chris Paul has continued to be on all-defensive teams, while Leonard is the reigning two-time Defensive Player of the Year. On the All-Defensive First Team, Draymond Green and Rudy Gobert were neck and neck for the highest voting totals.

Chile bets on Sanchez in last 4
Vidal's Chile and Ronaldo's Portugal will meet in the semi-finals of this summer's tournament after progressing from the group stages.

Talks between UK PM May's Conservatives and Northern Ireland's DUP restart
It is reported that the backbenchers will seek clarification of any proposed deal with the DUP on the formation of a government. It comes amid confusion over whether the Queen's Speech will be delayed as talks continue to form a government.

Bill Cosby trial: Accuser says she was 'frozen' after being drugged
Cosby and Frazier were on screen together in the 1978 comedy "California Suite", which also starred Jane Fonda and Alan Alda. Ms Constand acknowledged that she had maintained contact but said that she felt obligated to do so because of her job.

Celtics won't trade top young players, picks for Paul George
Plus, there are multiple rumors saying he'd like to play for his hometown Los Angeles Lakers , hurting his trade value even more. The Boston Celtics have been very patient over the last couple of years, being very cautious of not overpaying for assets.

Brian Head Fire continues to ravage southern Utah
Hundreds of families have been evacuated, thousands of acres are torched, and the flames are still burning out of control. The US Forest Service has reported that at least 13 large wildfires are burning across the Western United States.

Takata Files for Bankruptcy Protection
That makes it unclear whether anyone injured by inflators in the future would have any legal recourse against either company. Of that amount, $850 million goes to automakers to cover their costs of the recalls. "One gentleman cannot smile anymore".

You can download the beta version of iOS 11 for iPhones now
While you're waiting for it to download and install , you can check out our iOS 11 FAQ with all the information we know so far. New features included in TVOS 11 include a new dark mode and home screen sync for more than one Apple TV (woo!).

Possible manslaughter charges for London fire
Residents are to be evacuated from five council tower blocks over fire safety fears in the wake of the Grenfell Tower blaze. Problems have so far been identified in 14 buildings in London , Manchester and elsewhere in England, it added.

Federal Bureau of Investigation agent indicted for actions following LaVoy Finicum shooting
Justice Department a year ago began investigating possible FBI misconduct and whether there was a cover-up. Attorney Billy Williams would not say whether the other agents are still being investigated.