This is a real big historic moment for India as it launches GST, the Goods and Services Tax system, which streamlines the tax structure in the country, reducing the complications and cumbersome nature of tax filing on the country. It is also based on value added tax concept, based on which, a businessman or entity pays taxes only on the value added to the product and not it's entire price. It would also require much easier procedures for filing tax.
The Prime Minister, Shri Narendra Modi, announcing the rollout of GST at a specially convened assembly in the central hall of parliament.
This also makes investing in India a whole lot easier, along with internal and external trade. Gone are the days when trucks could be seen in a long wait paying toll taxes at interstate borders, which varied from state to state, as GST replaces the majority of central and state taxes into one single tax.
The GST rollout happened at a special session organised at the central hall of the parliament, in the presence of various guests.
It will also help curb corruption as it deincentivises evasion of taxes ensuring better tax accountability by citizens.
This is a major milestone for the NDA government at the helm currently. And is just one among its other major moves including Demonetisation and push to digital India, Aadhar and various other projects.
However, smooth transition needs to be ensured and it is to be seen how the people react. Nevertheless, it is a major and a much awaited reform in India, from which I am sure everyone will benefit. So, I congratulate everyone concerned.
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