GST roll out: The Narendra Modi government on Monday roped in Bollywood megastar Amitabh Bachchan to promote Goods and Services Tax (GST). With less than two weeks left for crucial GST roll out, the central government is leaving no stone unturned to make the pan-India tax structure a success. It has been learned that PM Modi has been monitoring the development himself. The government will has fixed July 1 for implementation of GST, according to news. The 74-year-old will feature in 40-second video has already been shot and is being circulated. Central Board of Excise and Customs (CBEC) was looking after the issue, according to PTI report. The video, featuring Bachchan, was put out on the official Twitter handle of Arun Jaitley-led Finance Ministry on Monday. The Finance Ministry also tweeted the video with a caption saying GST – An initiative to create a unified national market. In the video, Big B explains GST as an unifying force, comparing it to the three colours in the national flag. GST is an initiative to create ‘one nation, one tax, one market’, he says. Known as the star of the century in Bollywood, Big B will be promoting what is said to be biggest tax overhaul since independence entered its final phase. Earlier, ace badminton star PV Sindhu was roped in as GST ambassador.
Aimed to simplify a web of taxes, regulations and border levies, GST will subsume an array of central and state levies including excise duty, service tax and VAT. The new tax is said to be the most significant economic reform since BJP government came to power in 2014. Highly designated officials in Government have said that GST is expected to add as much as 2 percentage points to the GDP growth rate.
Here’s the tweet from Ministry of Finance
— Ministry of Finance (@FinMinIndia) June 19, 2017
The government has finalised a four-layer rate structure that exempts or imposes a low rate of tax 5 per cent on essential items and top rate of 28 per cent on cars and consumer durables. The middle slabs of tax have been kept at 12 and 18 per cent. GST is also said to be revising an unprecedented exercise in fiscal federalism. So far, there have been 17 meetings of the GST Council, that includes the finance ministers of all states and centre.