GST is finally a reality. The major tax reform was launched in a gala event at the historic Central Hall of Parliament in presence of PM Narendra Modi, President Pranab Mukherjee and many parliamentarians. But, still there is confusion – about the impact of GST, how it will impact daily lives, traders etc, according to various media reports citing public reaction. Even PM Modi has acknowledged that there may be some initial hiccups. The Prime Minister said even an eye takes time to adjust to sight corrective spectacles. According to PM Modi, the new tax is simple and transparent that would end corruption and check black money. He termed GST a ‘good and simple tax’. To eliminate confusions and queries and to give a clearer picture to public, PM Narendra Modi will be doing a mega rally too on Saturday evening at 5-6 PM. PM Modi has urged people not to pay attention to rumours and not create apprehensions about the new tax.
Here are all the LIVE updates and latest developments on the impact, confusion, queries related to GST:-
3:55 PM: Odisha Chief Minister Naveen Patnaik today hailed the launch of the GST, saying its implementation should be smooth and benefit the common man, trade and industry.
“With GST rollout, India transforms into One Nation One Tax One Market. Congratulations to all. Glad that Odisha played an important role in it,” Patnaik tweeted.
3:10 PM: Hailing the Goods and Services Tax (GST), BJP chief Amit Shah on Saturday said that the new tax regime would accelerate the country’s economic growth and end the ‘inspector raj’, according to a PTI report.
2:40: WATCH Gujarat Queen train TTE collects Rs 20 each from passengers after GST rollout. Passengers demand fare revision circular.
— ANI (@ANI_news) July 1, 2017
2:10 PM Given collective representation to Centre requesting to put regional cinema in lowest slab: Vishal, President, Tamil Nadu Film Producers Council on GST. “Need clarity from Centre and state on whether entertainment tax collected will be part of GST or separate in Tamil Nadu,” Vishal added, according to news agency ANI.
1:55 PM President Pranab Mukerjee has described the GST as a “disruptive change” that is bound to have some teething troubles which will have to be resolved quickly to ensure growth momentum in the economy is not impacted.
1:38 PM: Last midnight the biggest tax reform after independence took place, under leadership of PM & President: BJP President Amit Shah in Panaji, Goa
1:33 PM Top leaders, industrialists, economists and celebrities witnessed the launch of landmark GST on Friday midnight at the historic Central Hall of Parliament which opened for a midnight ceremony for the first time in two decades.
1:20 PM J&K likely to clear GST by July 6
Jammu and Kashmir, the only state which failed to meet the June 30 timeline for the GST rollout, is likely to clear the legislation on the indirect tax regime by July 6, its Finance Minister Haseeb Drabu said, according to PTI.
12:50 PM: Top automaker Maruti Suzuki India (MSI) has slashed prices of its models by up to 3 per cent with immediate effect in order to pass on GST benefit to its customers. In a statement on Saturday, the company said it has transmitted the entire benefit of GST rates on vehicles to its buyers. “The ex-showroom prices of Maruti Suzuki models have come down by up to 3 per cent. The rate of reduction varies across locations depending on VAT rates applicable prior to GST,” MSI said.
12:46 PM: Chief Economic Adviser Arvind Subramanian on Saturday exuded confidence of resolving teething problems of GST implementation in one-two months, PTI reported. “There will be some hurdles initially. But we will be able to remove them in 1-2 months,” Subramanian told media after attending the GST rollout ceremony held in Parliament.
12:22 PM Micro, small and medium scale traders will suffer huge losses, adds P Chidambaram on GST, reports ANI
12:20 PM: It is not the original GST that experts had drafted earlier, this will seriously impact inflation, says P Chidambaram, reports ANI
12:15 PM: According to PM Modi the new tax is simple and transparent that would end corruption and check black money. “The GST will eliminate 500 types of taxes and there will be one tax from Ganganagar to Itanagar and Leh to Lakshadweep,” PM says.