GST Rollout: The historic Goods and Service Tax (GST) was launched by the Narendra Modi-led NDA government at the Central Hall of the Parliament at the stroke of midnight on June 30. The mega event was witnessed by over 600 people who were invited including all members of Parliament and GST officials. The new tax regime launched will replace the current indirect taxation system and unify the country’s $2 trillion economy into one single market. Chanda Kochhar, the CEO and MD of ICICI Bank while expressing delight over rollout of the One Nation One Tax, GST said, that “the new tax regime is a transformational structural reform, which will have multiple benefits for the industry,” as quoted by news agency ANI.
While further talking about the benefits of GST, Kochhar said, “The new tax reform will benefit the creation of a national market; enhanced ease of doing business; greater productivity and efficiency; and improved tax compliance.” She further added, “All stakeholders are working together for a seamless transition to this new paradigm. This reform will result in benefits for all participants in the Indian economy, including both businesses and consumers.”
Prime Minister Narendra Modi while Friday during the launch of GST, authorised private sector bank ICICI to collect GST. According to a press release, “GST can be paid digitally through ICICI Bank internet banking, credit & debit cards and RTGS/NEFT facilities…..Any business entity (including non-customers) can pay GST at the Bank’s branches also.” Chanda Kochhar announced the news by saying, “We are delighted to have been authorised to extend our technology based services and branches for the collection of GST. This initiative is in line with ICICI Bank’s philosophy of ‘Ready For You.Ready For Tomorrow’, wherein we are committed to continuously innovate to serve the needs of our customers,” as quoted in the release.