Union MSME Minister Kalraj Mishra has congratulated Prime Minister Narendra Modi and Finance Minister Arun Jaitley on the successful roll-out of GST and hailed it as India’s biggest tax reform. Bullish over the success of this new tax reform, Mishra assured that government will be considerate on genuine issues.
“No doubt GST will be a big success. There could be some initial hiccups but Government will be considerate on genuine issues,” Mishra tweeted.
Heartiest congratulations to PM @narendramodi, FM @arunjaitley for successful rollout of#GST – India's biggest tax reform.
— Kalraj Mishra (@KalrajMishra) June 30, 2017
No doubt #gst will be a big success, there could be some initial hiccups but Government will be considerate on genuine issues
— Kalraj Mishra (@KalrajMishra) June 30, 2017
At the stroke of the midnight hour, India awakened as a common market for the first time on July 1. The 17 year-journey of historic Goods and Services Tax (GST) finally came to an end, as President Pranab Mukherjee and Prime Minister Narendra Modi rung the bell of new India and rolled-out ‘One Nation, One Tax’ dream into a reality with the puh of a button in a special joint Parliamentary Session.
The Goods & Services Tax is an indirect tax throughout India to replace taxes levied by central and state governments. The new regime has swept out more than a dozen Central and State taxes and ushers in a new and simple tax in market for $2 trillion Indian economy.
The government has bracketed all the goods and services in the country in five categories – 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. The small and medium enterprises are considered to be the most directly impacted by the roll out of the indirect taxation regime.
Now the GST Council, as a next step, will review the roll-out on August 5. The council will also evaluate tax rates levy on any commodity, if highlighted by members in the meeting.
