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GST switch-over to happen from June 30 midnight

GST switch-over to happen from June 30 midnight

Union finance minister Arun Jaitley on Tuesday said that there will be some challenges in switching over to the goods and services tax (GST) in the short term.

Conceptualised and originally piloted by President Mukherjee as the Finance minister in the previous UPA regime, the new tax code unifies more than a dozen separate levies to create a single market with a population greater than the US, Europe, Brazil, Mexico and Japan put together.

"Late on June 30, a programme will be organised in the Central Hall of Parliament".

PM Narendra Modi government is planning to convene a special one hour midnight session.

THE historic Central Hall of Parliament will host a midnight function on June 30 to launch the sweeping tax reform of GST, reminiscent of India's tryst with destiny on the midnight of August 15, 1947.

New Mubarakan poster released
In director Anees Bazmee's next, Anil turns a Sardar again, and we got to see his swag in the new poster of the film. Mubarakan is produced by Sony Pictures Network Production, Ashwin Varde and Murad Khetani's Cine 1 Studios.

Jaitley said he anticipated, over the medium and the long term, that improved tax collection under the GST would cause revenues to grow, and the spending capacity of India's federal and regional governments would increase.

Ruling out any further slippage in the timeline, finance minister Arun Jaitley said Indian small business has been given enough time to prepare.

Also on dais will be former prime ministers Manmohan Singh and HD Deve Gowda, apart from Vice-President Hamid Ansari and Lok Sabha Speaker Sumitra Mahajan.

The launch event will be held at Central Hall of Parliament to which MPs, CMs and state finance ministers are being invited. Now, all state governments except Kashmir and Kerala have ratified the act, said Jaitely. "The launch will take place exactly at midnight when the switch over takes place", said Jaitley. The tax reform also poses a huge challenge with tax collectors needing to be trained and companies brought up to speed on a levy that experts say will force them to overhaul business processes from front to back.

Central taxes such as Sales Tax, Excise Duty, and state taxes such as Value-added Tax (VAT), Entertainment Tax and Luxury Tax will be subsumed into the GST.


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