With just few hours to go for the rollout of India’s biggest tax reform – GST, there is still some uncertainty and lot of confusion among common people and businessmen as well. But, the BJP-led government is confident of growth with ‘One Nation-One Tax’ policy starting this midnight. Come Friday night, Central Hall in Parliament will bell Goods and Services Tax (GST) across the country.
The whole motive of this move is to vanish the grey (black) market in the nation. With all attention on GST, small companies and traders are perplexed on this new tax regime as it may directly impact on the operational margins. Once GST comes into effect from 1st July, cost of infrastructure is expected to increase. All the goods and services in India have been categorized into four slabs – 5pc, 12pc, 18pc and 28pc.
The roll-out event will be attended by President Pranab Mukherjee, PM Narendra Modi, former Prime Minister Deve Gowda, Lok Sanga Speaker Sumitra Mahajan, Vice President Hamid Ansari and leaders from opposition parties. However, Congress has decided to boycott it. Other attendees to the event include Bollywood actor Amitabh Bachchan, legendary singer Lata Mangeshkar, industrialist Ratan Tata and more.
Finally, GST is going to become a reality for India after 11 years – during 2006-07 annual budget speech, former Finance Minister Chidambaram first coined about ‘GST in India’ in parliament. Sharply at 12 am this midnight, centre will give the big bell for GST, followed by official speeches from President Pranab Mukherjee and Prime Minister Narendra Modi.
