India launches new single nationwide tax

GST impact on gold Be ready to pay more from July 1 as gold prices set to rise

Indian Prime Minister Narendra Modi and President Pranab Mukherjee launched the new tax early Saturday by pressing a button during a special midnight session in parliament.

Prime minister, his cabinet colleagues and major company executives will gather on Friday in parliament's central hall for the first midnight ceremony there in two decades to launch the most sweeping tax reform for almost 70 years.

"With GST, the dream of "One India, Great India" will come true", Modi said. "With GST there is a good chance that honest businesspersons will no longer be troubled by corrupt officials", he said, while emulating the benefits of the new reform.

HSBC in a report in May also predicted the GST rollout will add about 40 basis-points to India's GDP growth in the medium term, lower than their initial forecast of 80 basis points. The same set of people welcomed GST Council's decision to tax gold at 3 per cent.

After a lot of buzz, GST was finally implemented on the midnight of June 30th.

Speaking at the Tryst With Tax Conclave of India Today yesterday, Bibek Debroy asserted that "only 6 or 7 countries, not more than that" have implemented GST.

"(It) will truly enable us to build a New India", Jayant Sinha, a federal minister wrote in the Times of India.


GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level.

Finance Minister Arun Jaitley called GST an "important achievement for the entire country".

Prime Minister Narendra Modi on Friday dubbed the overall of India's tax system through a unified goods and services tax (GST ) as a "good and simple tax" which will end the harassment of traders and small businesses while integrating India into one market with one tax rate.

"We have alternative arrangements if our systems fail", Kumar said, adding that "we underestimate the talent of common people.they have the capacity to learn". "It is a social reform, rather than economic reform", PM Modi said.

Bharatiya Janata Party workers were seen celebrating the launch of the GST with fire crackers on Friday evening and by painting "Welcome GST" slogans on roads. "It has pleasantly surprised everybody by completing its task on time", the President said.

"We want to clear our stocks and bring our inventories to zero so that we don't have to pay new taxes on existing goods", said Anuranjan Thakur, manager of the Electronics Paradise store in the Lajpat Nagar market.

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