Lt Governor Kiran Bedi hailed the launch of GST said that India is heading to become one common market. “India Heading to become one common market.” Bedi wrote on Twitter on Saturday morning. Kiran Bedi said Puducherry has worked through the year to prepare traders, officers, and consumers to prepare for GST transition. “So far as Puducherry is concerned the GST is the product of non-stop work personally seen it done in Puducherry by Commercial Taxes Department,” she tweeted. The new tax regime was ushered yesterday at a late night event in the historic Central Hall of Parliament.
GST can gradually reshape India’s business landscape and be resulting as the world’s fastest-growing major economy. A four-rate structure has been imposed with a low rate of tax of 5 per cent on essential items and a top rate of 28 percent on cars and consumer durables. President Pranab Mukherjee with Prime Minister Narendra Modi and Vice-President Hamid Ansari shared a specially erected dais. With Finance Minister Arun Jaitley, Lok Sabha Speaker Sumitra Mahajan and former prime minister H D Dewa Gowda too were on the dais.
India Heading to become one common market. ????
ICM, Indian Common Market. https://t.co/YgfwRZQxTc
— Kiran Bedi (@thekiranbedi) June 30, 2017
GST has been dubbed as the biggest tax reform in India since independence. According to PM Modi, it will help realise the goal of “One Nation-One Tax-One Market.” The historic launch of GST which had been in works for over a decade, was first to be done from Vigyan Bhawan which is considered as the largest convention centre that has hosted majority of the meetings of GST council but later the historic Central Hall of Parliament last night opened for its first midnight ceremony in two decades for the launch of India’s most sweeping tax reform, GST, with country’s top leaders, cine stars, and industrialists in attendance, according to PTI.
The Central Hall in comparison with the Vigyan Bhawan was thought to be a better choice considering the importance of the new indirect tax code that unifies more than a dozen separate levies to create a single market with a population greater than the US, Europe, Brazil, Mexico and Japan put together. GST will simply create an ease in the web of taxes, regulations as well as central and state levies including excise duty, service tax, and VAT.