On GST, the Prime Minister said that this is becoming a reality after years of effort. He added that its implementation is a "complex" task and went on to suggest that this could be the subject of future case-studies.
Implementation of the GST shows India can take big decisions and implement them swiftly, the prime minister said at the interaction with the group of CEOs that included Tim Cook of Apple, Sunder Pichai from Google, John Chambers from Cisco and Jeff Bezos of Amazon.
Modi told them that his government was working on principles such as Minimum Government, Maximum Governance.
The Prime Minister spoke of the recent reforms, and noted that the Union Government alone has initiated 7000 reforms. He said this indicates India's quest for global benchmarks. He mentioned the Government's emphasis on efficiency, transparency, growth and benefit for all.
Touted as the biggest taxation reform since Independence, GST will unify 16 different taxes including excise, service tax and VAT, and transform India into a single market for seamless movement of goods and services.
The powerful GST Council, comprising Centre and states, has recommended a four-tier tax structure -- 5, 12, 18 and 28 per cent. On top of the highest slab, a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss in the first five years of GST implementation.
GST rates would depend upon whether the commodity is used by a rich person or a common man.
State and Union Territory GST laws were passed by all the states and Union Territories of India except Jammu & Kashmir, paving the way for smooth roll out of the tax from July 1.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)