Though at the time of writing this article Govt. is yet to notify the “appointed day” as per section 1(2) & 1(3) of CGST & IGST Act respectively, but the much-awaited Goods and Services Tax (GST) lunched as expected at the historic Central Hall of parliament in the presence of President Pranab Mukharjee, Prime minster Narendra Modi, finance minister Arun Jaitley and other Cabinet ministers, many chief ministers and senior government official.

Now,Sit back, relax & enjoy the glimpses of the launch event of GST in this article in case you missed out the event:-

First, Finance minister Arun Jaitley started introductory remarks.

Main highlights of Jaitley’s speech:

  • It will be an India that will write a new destiny…India can rise beyond narrow politics.
  • The old India was economically fragmented. It’s a journey where India will awake to limitless possibilities, to expand its economic horizons,& loftier political vision.
  • GST is India’s most ambitious tax reform, it will create One Tax, One Market for One Nation.
  • We have assembled today on an important journey moment in the journey of our great nation.
  • GST Council met 18 times, and there was never any need for voting, because of the unanimity.
  • The GST may be a destination tax, but for India it will begin altogether a new journey.
  • GST shows India’s openness and boldness at a time when the world is facing problems.

Prime Minister Narendra Modi spoke on the GST roll-out.

Here are the main highlights of his speech:

  • GST is result of combined efforts of all political parties.
  • The GST is a milestone in cooperative federalism. GST is a result of a long thinking, all states along with Centre discussed for years. Best brains have worked on GST, we are setting India’s roadmap.
  • GST is economic integration of India just like what Sardar Vallabhbhai Patel had done decades back to integrate the country.
  • The GST Council had met for the 18th time today. It is a coincidence that Shrimad Bhadvad Geeta too has 18 chapters.
  • The scope of GST is unlimited to financial system, now India will move in a new direction.
  • The poor will be the biggest beneficiary of this tax regime. It will end inspector raj, remove official high-handedness.
  • GST is an example of strength of ‘Team India’ , it is becoming a reality tonight.
  • I urge the people, small traders and all others to not give in to rumours and adapt to the new system. There will be help available.
  • GST will further become a catalyst to improve India’s trade, improve our international image and attract investments.
  • Long wait at toll plazas will end with GST integrating 31 states and UTs as one.
  • It will help create opportunities for states which are lagging behind in development despite having abundant natural resources. GST will help them.
  • GST is transparent and fair system that prevents black money and corruption and promotes new governance culture.
  • GST has potential to end harassment at hands of officers; hopes traders will transfer its benefits to consumers.
  • GST is good and simple tax. Even eyes need to adjust to new spectacles: Prime Minister on adaptation businesses need to make for GST.

President Pranab Mukherjee began his speech, minutes before the GST comes into effect.

Here are the main highlights of his speech:

  • Introduction of GST is a momentous event for the nation
  • The GST launch is a moment of personal satisfaction as I was personally involved in its deliberations as the finance minister during the UPA government. I still vividly remember many of my interactions with states’ finance ministers, officials. All of them played constructive role
  • GST is a tribute to the maturity and wisdom of India’s democracy.

President Pranab Mukherjee, Prime Minister Narendra Modi pressed button to officially launch GST after president finished off his speech. 

By,

Pralay Chakraborty
(Cost Accountant & GST Professional)

9705941371, cp171185@gmail.com 

Disclaimer:  The contents of this document are solely for informational purpose. . While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. No part of this document should be distributed or copied without express written permission of the author.

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