India ushers in one nation, one tax


As the event was held to signal India’s economic emancipation from a burdensome tax regime, Prime Minister Narendra Modi pledged to take the country on a higher growth path, riding on a clean and transparent system. 

“At midnight, we are going to chart a new path for the nation. This is not an achievement of one party or one government but work of all governments and parties,” he declared.

President Pranab Mukherjee signalled the formal launch by pressing a button. The President recalled the efforts put in by various governments and political parties to make GST a reality. 

Finance Minister Arun Jaitley said GST is “one tax, one market and one nation.”
Former prime minister H D Deve Gowda, Lok Sabha Speaker Sumitra Mahajan and Vice President Hamid Ansari were also present. 

Another former prime minister, Manmohan Singh, was invited, too, but the Congress led a boycott of Opposition parties, including the TMC, DMK and the Left, calling it a publicity stunt by Modi.

However, representatives from Bihar Chief Minister Nitish Kumar’s JD(U), the SP and NCP, besides several BJP ministers and leaders, were present. Prominent citizens from the industry, cinema, sports, social work and other sectors attended the event too.

Different from others

India differs from other countries that have implemented GST. 
The GST Council has come out with a four-rate structure: 5%, 12%, 18% and 28%. A higher tax rate of 28% is imposed on luxury and sin goods in the new tax regime. 
Under GST, all transactions and processes will be done through electronic mode to ensure non-intrusive administration. 

Just a couple of hours before the rollout, the GST Council reduced the tax rate on fertiliser to 5% from the previously decided 12%. 

The GST Council, in another move, also cut the tax rate on exclusive parts of tractors from 28% to 18%. Jaitley, who presided over the last GST Council meet before the rollout, said the rate reduction for fertiliser will take care of any increase in burden on farmers. 

Jaitley promised increased revenues through GST will be used in reducing the burden of income tax on the salaried class. 

For the protection of consumer rights, the new law provides anti-profiteering provisions. 

Write your Comments on this Article

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article. Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using will be purely at your own risk, and in no way will be held responsible. Similarly, reserves the right to edit / block / delete the messages without notice any content received from readers.

  • Konkan World
  • Stay Connected
  • Facebook Google+ Twitter YouTube

KONKAN WORLD offers accurate, up-to-date, a large collection of videos from KONKAN WORLD VIDEOS and indulge in fun you will not find else where!.
© Copyright 2014 Konkanworld media Inc