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20
June 2017
The
new indirect tax regime -- The Goods and Services Tax (GST) -- will be launched
at the midnight of June 30 in the Central Hall of Parliament in an hour-long
event that will evoke memories of the "Tryst with Destiny" moment of
1947.
President
Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and
former Prime Ministers Manmohan Singh and H.D. Deve Gowda will be among those
who will attend the special event, Finance Minister Arun Jaitley told a press
conference here.
On
the midnight of August 14-15, the country ushered in Independence from British
rule with a special function in the Central Hall in which the first Prime
Minister, Jawaharlal Nehru, made his now famous speech "Tryst with
Destiny". The Total Investment
& Insurance Solutions
"GST
switch-over will happen from June 30 midnight. Late on June 30, a programme
will be organised in the Central Hall where all Members of Parliament, state
Finance Ministers, Chief Ministers and officials who assisted in (the rollout
of) GST and chairpersons of the Empowered Committee will be present," he
said. The Total Investment & Insurance
Solutions
"GST
will be launched exactly at midnight," he said.
Acknowledging
the role of previous governments in readying the GST, Jaitley said: "Many
governments have played an important role. The UPA government announced GST in
2006 and the Constitutional amendment was introduced in 2011. GST was passed
unanimously by Parliament in 2016." The
Total Investment & Insurance Solutions
Both
the President and the Prime Minister will speak on the subject and two short
films on GST will be screened in the Central Hall.
So
far, apart from Kerala and Jammu and Kashmir, all the states have passed the
State GST (SGST) law. Jaitley said that while Kerala will pass the SGST this
week, the process was still on in Kashmir. The Total Investment & Insurance Solutions
"If
any state is left out of GST, the traders and consumers both will suffer.
Traders will not get any input tax credit," he said. The Total Investment & Insurance Solutions
Jaitley
said since a two-month period relaxation had been given to traders in filing
returns, businesses will get ample time to get ready for the new indirect tax
system.
"In
July and August, we have extended the date for filing the monthly returns.
Industry and trade have to prepare themselves, it's not a very complicated
system," he said.
"No
one has any business not to be ready. Now the readiness will be determined by
September 15 when the traders have to file the first return. If the trader will
still not be ready, probably he doesn't want to be ready," he added. The Total Investment & Insurance Solutions
Talking
about the new indirect taxation system, Jaitley said that in the medium and
long term, GST, being a more efficient system, will check tax evasion resulting
in increase in revenues.
"States
and Centre's revenue will increase. It should have positive impact on GDP. Size
of formal economy should increase. In short term, there could be some
challenges. But in the long run, the number of assesses will increase," he
said.
Jaitley
said till last week 65 lakh traders had registered themselves under GST. The Total Investment & Insurance Solutions
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