The Goods and Services Tax (GST) regime will be launched on the midnight of June 30 at the Central Hall of Parliament, Finance Minister Arun Jaitley announced on Tuesday.
Addressing a media conference in Delhi, Jaitley said, “late on 30th of June. GST launch will take place exactly at the midnight”.
Hailing GST tax slabs, Jaitley said that it is a more efficient system which is prone to checking evasion.
The minister also emphasised that with the GST law applicable, revenues will grow along with the increase in spending capacity of Centre and state governments.
GST will have a very positive effect on the Indian economy said a confident FM.
Suggesting that it GST being a new concept for people to adjust with, Jaitley said, “We must be prepared for short-term challenges on GST rollout”.
President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and former Prime Minister Manmohan Singh are slated to attend the event on June 30, said Jaitley.