The keenly-awaited Goods and Services Tax (GST) was launched at a gala event last night from the historic Central Hall of Parliament by President Pranab Mukherjee and Prime Minister Narendra Modi. Touted to be India’s biggest tax reform since independence, GST will replace a string of central and local levies such as excise, value added tax, octroi, service tax. Finance minister Arun Jaitley and other Cabinet ministers, many chief ministers and senior government officials were also present. The indirect tax regime will subsume all other indirect taxes on supply of Goods and services, right from manufacturer to consumer with an aim to reshape the country’s 2 trillion dollar economy.
Here are top five quotes by Prime Minister Narendra Modi
- The GST Council had its 18th meeting. It is a coincidence that the Bhagavad Gita also has 18 chapters.
- Imagine what India would’ve looked like today had Sardar Vallabhai Patel hadn’t united all kingdoms of India. Just like that, GST is uniting all markets of India today.
- Even eyes have to adjust for a couple of days when a sight corrective spectacles are worn ( on initial troubles in GST implementaion)
- Albert Einstein had once said that if there is one thing that is most difficult to understand, it is income tax. I wonder what he would have said had he seen our tax system.
- The law may say GST is Goods and Services Tax, but in reality it is Good and Simple Tax. More than economic reform, it is a social reform. It will end harassment of traders and small businesses.
Here are top five quotes by President Pranab Mukherjee
- President Pranab Mukherjee said the ambitious central tax is a “tribute” to the maturity and wisdom of India’s democracy
- In a few minutes from now, we will witness the launch of GST. This historic moment is the culmination of a 14 year journey.
- It is remarkable in 18 meetings of the GST council, all decisions taken by consensus.*
- The council has pleasantly surprised all of us by completing its task in time
- There is bound to be teething troubles. We have to solve them with speed.
