GST: JP accuses Congress of not being supportive on the issue of tax reform

GST LIVEThe midnight launch of the Goods and Services Tax (GST), the country’s biggest tax reform since independence, has catapulted India into a select league of nations with a national sales tax.


Amid boycott of the launch ceremony by principal Opposition parties like the Congress, which termed it “tamasha” (gimmick), the new tax regime overnight replaces the messy mix of more than a dozen state and central levies built up over seven decades.


The one national GST unifies the country's $2-trillion economy and 1.3 billion people into a common market, an exercise that took many long years.


The GST will eliminate the compounding effect of the current multi-layered tax system as well as the cross-state tax heterogeneity by fixing the final tax rate. It is expected to lower the average tax rate on manufactured goods and make them uniform across states by fixing the final tax rate.

2:13 PM IST GST in its current form will hit thousands of MSMEs, says Chidambaram

12:36 PM IST Sudarsan Pattnaik welcomes GST with a sand art

12:29 PM IST What is GST? 10 key features of Independent India's biggest tax reform

12:20 PM IST GST is like a satellite to be placed in orbit. The Rocket launch has been successful. But now the electronics will have guide the satellite. — Subramanian Swamy (@Swamy39) &7

12:18 PM IST It is not the original GST that experts had drafted earlier, this will seriously impact inflation :P Chidambaram

12:18 PM IST GST panel has failed to deliver our PM @narendramodi 's One Nation One Tax message. GST has been made into a multiple n complex tax regime — Kiran Mazumdar Shaw (@kiranshaw) &7

11:03 AM IST Download the Business Standard e-book – GST: One Nation, One Tax – for our exhaustive coverage and insights on the new indirect tax regime.

11:01 AM IST GST Muhurat bonanza: Shoppers save big with Big Bazaar's 22% midnight sale

11:00 AM IST GST rollout: This is how the new tax regime is going to impact your wallet

10:12 AM IST GST: Guess what it means! God Sachin Tendulkar; it's sacred, jokes Twitter

10:11 AM IST Trust the Internet to find the laughable even in the most serious, sincere and legit situations. The social media was an ocean of hilarious tweets and videos even as Finance Minister Arun Jaitley, Prime Minister Narendra Modi and President Pranab Mukherjee pressed the "button" to officially roll out the much-awaited Goods and Services Tax (GST) "at the stroke of the midnight hour."


Sudarsan Pattnaik welcomes GST with a sand art

It is not the original GST that experts had drafted earlier, this will seriously impact inflation :P Chidambaram
Trust the Internet to find the laughable even in the most serious, sincere and legit situations. The social media was an ocean of hilarious tweets and videos even as Finance Minister Arun Jaitley, Prime Minister Narendra Modi and President Pranab Mukherjee pressed the "button" to officially roll out the much-awaited Goods and Services Tax (GST) "at the stroke of the midnight hour."
Tearing into Congress vice-president Rahul Gandhi for claiming that the Good and Services Tax (GST) "is being executed by an incompetent and insensitive government", the Bharatiya Janata Party (BJP) on Saturday said that the grand old party needs to rise above politics and avoid making such irresponsible statements.
As we usher in the creation of one nation, one tax, one market, let me conclude by calling upon every Indian to extend cooperation in the successful implementation of the new system: Pranab Mukherjee
GST will also make our exports more competitive and also provide a level playing field to domestic industry to compete with imports. Currently due to cascading, our exports still carry some embedded taxes, making them less competitive: Pranab Mukherjee
Success of such major changes always depends on their effective implementation. In the months to come, based on the experience of actual implementation, the GST Council and the Central and state governments should continuously review the design and make improvements, in the same constructive spirit as has been displayed till now: Pranab Mukherjee
In his speech, FM Jaitley recalled the initiatives taken by his predecessors, including President Pranab Mukherjee's when he was the Finance Minister 
FM Jaitley appreciated the efforts of all MPs, state finance ministers and officials in making GST a reality when many had expressed doubts over its implemention from July 1
With GST, India has showed that these forces can be overcome through display of inclusion, openness and boldness: GST
We have done this at a time when world is facing a slow growth, isolationism and lack of structural reforms: Jaitley
In a large and complex federal system of multi-party democracy with Centre and 29 states and 2 UTs, India has implemented a constitutional amendment and brought in a large tax reform: Jaitley 
While enacting the GST, neither the states nor Centre gave up their sovereignty. They have pooled their sovereignty to make joint decisions in indirect taxation: Jaitley
The Constitution says India is a union of states. The union is strong if both Centre and states are strong: Jaitley
Not only will India write a new destiny, the new tax regime would also strengthen federalism: Jaitley
It will be in India where Centre and states work together towards the common goal of shared prosperity: Jaitley
The old India was economically fragmented. New India will create one tax, one market, one nation: Jaitley
Will see in coming days tax compliance, tax collection will improve, common man's problem in paying tax will be gone completely: Railway Minister Suresh Prabhu
Everything has been taken care of. GST council will come together again whenever it will be required: Santosh Gangwar, MoS Finance
President Pranab Mukherjee said GST a disruptive change and tribute to India's democracy

With this the Goods and Services Tax now comes into effect.

Arun Jailtey invites President, PM and others to press the button and officially launch GST

I congratulate everyone for making this pathbreaking legislation: Pranab Mukherjee

The Central and State govt. should review the situation: Pranab Mukherjee

Difficulties are bound to come, we need to solve them: Pranab Mukherjee

GST will make our exports more competitive: Pranab Mukherjee
The new era in taxation is the result of broad consensus between Centre and States: Pranab Mukherjee
In the several interaction with the CMS and FMs of states, I realised that GST will soon become a reality: Pranab Mukherjee
The introduction of GST is a historic moment and a moment of relief for me too: Pranab Mukherjee

President greets everyone

Long wait at toll plazas will end with GST integrating 31 states and UTs as one: Narendra Modi

GST has potential to end harassment at hands of officers; hopes traders will transfer its benefits to consumers: Narendra Modi

Law says it is Goods and Service Tax but it is Good and Simple Tax: Narendra Modi

Generation to come will accept this system with pride: Narendra Modi

Our country is full of natural resources and this system will only help India grow: Narendra Modi
GST will make India a favourite destination for foreign investment: Narendra Modi
Put an end to rumour-mongering: Narendra Modi
Don't doubt this system: Narendra Modi
This system is beyond the heavy economic epithets: Narendra Modi
The GST is for the poor and for their welfare: Narendra Modi
GST is showing a path that will lead to the end of red-tapeism: Narendra Modi
GST gives governance a chance to flourish, curbs corruption and gives an honest man to grow: Narendra Modi

With GST coming in place, the contry is moving towards modern system of taxation: Narendra Modi

As prices vary from place to place due to varying taxes, there used to be confusion. Now there will be none. GST is here to clear the confusion: Narendra Modi
Albert Einstine said Income Tax is the most difficult to understand: Narendra Modi
Modi invokes Bhagavad Gita, Chanakya to highlight the importance of GST

Likewise, GST is unifying our economy: Narendra Modi

Had Sardar Patel not unified India, out political map would have been in bad shape: Narendra Modi
I congratulate everyone who worked to make GST a reality: Narendra Modi

GST is the best example of Cooperative Federalism: Narendra Modi 

Constitution gave equal rights to us, now GST is giving us a way to make our economy work in harmony: Narendra Modi
Best brains of the country have worked to bring about this historic change: Narendra Modi
GST is a result of long discussion and debate: Narendra Modi

Therefore, there can be no place more auspicious than this to rollout GST: Narendra Modi

From this place, we gave ourselves the Constitution: Narendra Modi
This is the place from where on 14 August 1947 we attained freedom: Narendra Modi
From this Central Hall we remember December 9, 1946 where the first Parliamentary Committee meeeting took place: Narendra Modi
The path that we all have chosen is not an achievement of one party or government. This is our collective effort and heritage:Narendra Modi
1.2 billion people of the country are a witness to this historic moment: Narendra Modi

Mr President, Vice President, Madam Speaker of Lok Sabha, Former PM Deve Goda and all the MPs, thank you for coming here: Narendra Modi

Tonight we are writing a new destiny for our country: Narendra Modi
I thank all the MPs who have come here tonight: Arun Jaitley
We all have worked together for this and I thank them: Arun Jaitley

GDP will grow, inflation will come down: Arun Jaitley

There will be no tax on tax. This is the speciality.
There were 17 taxes and 23 cesses between the Centre and the state govts. We have replaced them with ONE TAX.
We decided not to burden the common man, and the revenue neutrality should not be affected.
Every decision by the Council has been passed with consensus.
We have implimented a large tax reform and this relflects our democratic strength: Arun Jaitley

This journey started 15 years ago and you, Mr Preident have been a witness of this: Arun Jaitley

India will write a new destiny: Arun Jaitley
New India will create One Tax, One Market and One Nation: Arun Jaitley
At the midnight hour we will launch GST: Arun Jaitley
Finance Minister Arun Jaitley presents a rose each to the President, Vice-President and Priem Minister.
Nation Anthem commences at the Parliament

President Pranab Mukherjee arrives at Parliament 

Prime Minister Narendra Modi arrives at Parliament to attend GST launch.

Next three GST Council meeting will be on 1st Saturday of the month starting from August, 2017: ANI

GST Council reduces rate on fertilisers from 12% to 5%: ANI flash
Affordable housing is set to get cheaper once GST kicks in in a few hours

Union Minister Venkaiah Naidu urges Congress not to be a spoilsports: Reports
Ravinder Saroop, Commissioner, CBEC, Ministry of Finance

India deserves GST that doesn't put its ordinary citizens, small businesses & traders through tremendous pain & anxiety: Rahul Gandhi
June 30 Midnight: GST set to rollout.
June 29: Congress, Left too decide to skip launch.
June 28: Mamata Banerjee announces her party's decision to skip midnight launch of GST.
June 21: All states except Jammu and Kashmir pass SGST law.
May 19: GST Council decides on 5, 12, 18 and 28% as service tax slabs.
May 18: GST Council fits over 1,200 goods in one of the four tax slabs of 5, 12, 18 and 28%. Over 80% of goods of mass consumption either exempted or taxed under 5% slab.

GST Council fixes cess on luxury and sin goods to create kitty for compensating states.
February 18: GST Council finalises draft compensation bill providing to make good any revenue loss to states in first five years of GST rollout.
January 16, 2017: Jaitley announces July 1 as GST rollout deadline. Centre, states agree on contentious issue of dual control and taxing rights on goods at high sea.
March 4: GST Council approves CGST and Integrated-GST bills.

March 20: Cabinet approved CGST, IGST and UT GST and Compensation bills.
March 27: Jaitley tables CGST, IGST, UT GST and Compensation bills in Parliament. Lok Sabha and Rajya Sabha pass all the four key GST Bills - Central GST (CGST), Integrated GST (IGST), State GST (SGST) and Union Territory GST (UTGST)
November 3: GST Council agrees on four slab tax structure of 5, 12, 18 and 28% along with an additional cess on luxury and sin goods.
February 2015: Jaitley sets April 1, 2016 as deadline for GST rollout.
May 6, 2015: Lok Sabha passes GST Constitutional Amendment Bill.
May 12, 2015: The Amendment Bill presented in the Rajya Sabha.
Congress demands the Bill be sent to Select Committee of Rajya Sabha; demands capping GST rate at 18 per cent.
May 14, 2015: The GST Bill forwarded to joint committee of Rajya Sabha and Lok Sabha.
August 2015: Government fails to win the support of Opposition to pass the bill in the Rajya Sabha where it lacks sufficient number.
2014: GST Bill cleared by Standing Committee lapses as Lok Sabha dissolves; BJP-led NDA government comes to power.

December 18, 2014: Cabinet approves 122nd Constitution Amendment Bill to GST.

December 19, 2014: Finance Minister Arun Jaitley introduces the Constitution (122nd) Amendment Bill in the Lok Sabha; Congress objects.
August 2013: Parliamentary standing committee submits report to Parliament suggesting improvements on GST. GST Bill gets ready for introduction in Parliament.
October 2013: Gujarat Chief Minister  Modi opposes GST Bill saying  would incur losses worth Rs 14,000 crore every year due to GST.
February 2013: Declaring UPA government's resolve to introducing GST, Chidambaram in his Budget speech makes provision for Rs 9,000 crore to compensate states for losses incurred because of GST.
November 2012: Finance Minister P Chidambaram holds meetings with state finance ministers; decides to resolve all issues by December 31, 2012 for GST rollout.
Asim Dasgupta resigns, replaced by the then Kerala Finance Minister KM Mani.
March 29, 2011: GST Bill referred to Parliamentary Standing Committee on Finance led by Yashwant Sinha.
March 22, 2011: UPA-II tables 115th Constitution Amendment Bill in the Lok Sabha for bringing GST.
Pranab Mukherjee defers GST to April 1, 2011.
February 2010: Finance Ministry starts mission-mode computerisation of commercial taxes in states, to lay the foundation for GST rollout.
BJP opposes GST basic structure.
2009: Finance Minister Pranab Mukherjee announces basic structure of GST as designed by Dasgupta committee; retains 2010 deadline
 November 10, 2009: Empowered Committee submits a discussion paper in the public domain on GST welcoming debate.
April 30, 2008: The Empowered Committee submits a report titled 'A Model and Roadmap Goods and Services Tax (GST) in India' to the government
2008: Empowered Committee of State Finance Ministers constituted.
2004: Vijay Kelkar, then advisor to the Finance Ministry, recommends GST to replace the existing tax regime.
2003: The Vajpayee government forms a task force under Vijay Kelkar to recommend tax reforms.
February 28, 2006: GST appears in the Budget speech for the first time; Finance Minister P Chidambaram sets an ambitious April 1, 2010 as deadline for GST implementation. He says the Empowered Committee of finance ministers will prepare a road map for GST.
February 1986: Finance Minister Vishwanath Pratap Singh proposes a major overhaul of the excise taxation structure in the budget for 1986-87.
2000: Prime Minister Atal Bihari  introduces the concept, sets up a committee headed by the then West Bengal Finance Minister Asim Dasgupta to design a GST model.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel