02 July, 2017
It was hard for Indian shoppers to know what the cost of nearly anything will become Saturday because prices vary by brand and the current taxes varied from state to state.
It's historic in the sense that both the centre and the states have yielded ground on their taxation rights, after 17 arduous years of negotiations by successive governments at the centre and in the states. It is a co-incidence that the Gita has 18 chapters and after 18 meetings, GST became a reality, he said.
GST Roll Out in India: Who said what on India's new tax reform? He also said that the GST will bring a transparent and fair system that will prevent black money and corruption and promotes new governance culture.
He said that GST was a shining example of cooperative federalism. However, it said businesses have been asking for more time to implement changes as they are anxious of being not ready for a switch to the new system.
All India ITR summarizes that the upcoming GST Law will have its own sets of pros and cons - many necessities will get cheaper but in the meanwhile, the rest of the necessities that falls under the higher GST tax rate bracket will ultimately cause a discomfort in the household budget. Hence, the consumer will only bear the GST levied by the last point in supply chain with some benefits at all the earlier stages. Most agricultural and food products will attract zero percent tax.
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Finance Minister Arun Jaitley today wondered why certain traders are complaining about GST rates when the ultimate burden of taxation will fall on consumers. "It's a journey where India will awake to limitless possibilities, to expand its economic horizons, and loftier political visions", he said.
About 1,000 people packed the hall when Modi began to speak from where India declared itself a free nation and first Prime Minister Jawaharlal Nehru made his famous "tryst with destiny" midnight speech nearly seventy years ago.
The important tax reform which the country has been waiting for a decade-and-a-half is beginning Saturday, he said after attending the midnight function in Parliament organised for rollout of the GST. If the tax base expanded horizontally, the country would grow vertically, he said. "Evidently, it is a good and simple tax as it's a single one tax for one country and good for the development of the country". Apparels below Rs 1000 and fertilisers, insulin, stent and services like railways, small restaurants are also under the 5% tax.
The GST Council, in another move to give relief to farmers, also cut tax rate on exclusive parts of tractors from 28 per cent to 18 per cent.
Vishnu Varathan, a senior economist at Mizuho Bank, told CNBC's "The Rundown" that the full economic potential of this historical tax reform could take years to materialize as India would first need to build up its tax ecosystem.