President Pranab Mukhjeree, PM Modi roll out historic GST reform
Watch LIVE: Special Function in Central Hall of the Parliament on #GSTRollout, #GSTForNewIndiahttps://t.co/ydTAvE2g8c
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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
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