The new tax regime will be ushered in on Friday night at the Central Hall of the Parliament building. In its final meeting, the GST Council has decided that the tax rate for fertilizers will be reduced from 12 percent as originally intended to 5 percent.
GST rollout, launch in India: Finance Minister Arun Jaitley chairs the 18th meeting of the Goods and Services Tax (GST) Council at Vigyan Bhavan in New Delhi. This meeting will be the last meeting of the GST council before the new tax regime is implemented. The new tax regime will be ushered in on Friday night at the Central Hall of the Parliament building. In its final meeting, the GST Council has decided that the tax rate for fertilizers will be reduced from 12 percent as originally intended to 5 percent. Jaitley revealed, “Consensus in council was to bring the rate down to 5% so that fertilizer price if at all comes down, it doesn’t go up.” The GST has only four tax rates which are five percent, 12 percent, 18 percent and 28 percent, according to newswire service ANI.
President Pranab Mukherjee, Vice President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan, Former PM HD Deva Gowda, MP and acclaimed vocalist Lata Mangeshkar, BJP chief Amit Shah, Bollywood star Amitabh Bachchan, Business mogul Ratan Tata, RBI Governor Urjit Patel, CAG Shashi Kant Sharma, CVC KV Chowdary, Chief Election Commissioner Nasim Zaidi, Niti Aayog vice chairman Arvind Panagariya and Members of the GST Council will attend the GST launch ceremony at the parliament. The government has also sent an invite to all MPs from both houses of the Parliament.
Most opposition parties such as the Congress, Trinamool Congress, Rashtriya Janata Dal will not be attending the event, but Samajwadi Party, Janata Dal United and Nationalist Congress Party will be attending the GST rollout. Finance Minister Arun Jaitley had requested all members of parliament across party lines to attend the GST launch.