November 23, 2024 02:18 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma
President Pranab Mukhjeree, PM Modi roll out historic GST reform

President Pranab Mukhjeree, PM Modi roll out historic GST reform

| | 01 Jul 2017, 12:15 am
New Delhi, June 30 (IBNS): Stating that India is all set to embark on a new journey, President Pranab Mukherjee and Prime Minister Narendra Modi on Friday midnight rolled out the historic Goods and Services Tax (GST) regime in the Parliament.

In a historical moment, the Parliament witnessed the assembly of top leaders from the nation where the unveiling of the regime was held.

PM Modi said the GST regime will end the exploitation on traders and prevent tax terrorism in India.

Speaking in the Central Hall of the Parliament, Prime Minister Narendra Modi said the move will decide India's future course of action.

"We are going to decide the course of the future of this country," Modi said ahead of the launch.

"Today, after so many years,I feel the Parliament is the best place to roll out a new tax regime in the shape of GST," he said.

"Country will move towards a new direction in a few moments," he said.

Modi said the GST is the result of a long hours of discussion and debate on the issue.

The PM informed that traders up to Rs. 20 lakh are totally exempted from this. "Traders up to Rs. 75 lakh also have many exemptions," added Modi.

"There were 500 different kinds of tax all over the country. Today, we are free from them and we have one nation, one tax," said Modi.

Modi noted that "some of the best brains of the country have debated on this."

"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," said Modi.

President Pranab Mukherjee said the introduction of the GST is a 'momentous event' for the nation.

Speaking in the Parliament, ahead of the rollout of the GST regime, Pranab Mukherjee said: "The introduction of GST is a momentous event for the nation."

"GST will make our exports more competitive," he said.

"It will provide level playing field to domestic industry to compete with imports," he said.

Mukherjee said the implementation of the GST is the result of a 14-year-long journey .

Mukherjee further said: "GST will create a strong incentive for buyers to deal with honest and compliant sellers who pay their dues promptly."

He said GST will be administered through a modern and world-class information technology system.

Speaking further, he said:"Under GST, the tax incidence will be transparent, enabling full removal of tax burden on exports."

 

Image: PIB Twitter page


 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.