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losangelesnewstoday.com July 21, 2017


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.

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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.



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