President Pranab Mukherjee appreciated the efforts of all political parties and various state governments who have put in efforts to arrive at consensus.
Addressing the historic occasion Pranab Mukherjee termed GST a disruptive change.
“It is a disruptive change… However positive it may be, there are bound to be some teething troubles and difficulties,” said the President.
President said that GST will act as a major boost to economic efficiency, tax compliance and domestic and foreign investment.
A nationwide Goods and Services Tax (GST) came in to effect after it was launched from the Central Hall of the Parliament in the presence of President Mukherjee and Prime Minister Narendra Modi.
GST, which will replace more than a dozen central and state levies like factory-gate, excise duty, service tax and local sales tax or VAT, is India’s biggest tax reform in the 70 years of independence and will help modernise Asia’s third largest economy.
Finance Minister Arun Jaitley announced the launch of the Goods and Service Tax (GST) as part of the historic roll-out of the single tax that will come into effect from July 1.
“The old India was economically fragmented. The new India will create one tax for one nation. It will be a nation where the Centre and the States work together for a common goal of shared prosperity, – The unanimity for the support and the consensus –based work, highlights that India can go beyond politics and speak in one voice,” said Jaitley.
Jaitley emphasised that the Centre, 29 states, 2 Union Territories with legislatures came together to formulate GST.
Here is the full speech of Finance Minister Arun Jaitley