The biggest talk of the town — Goods and Service Tax (GST) which had been the center of attention for quite a while finally came to life on July 1 with clock striking 12’o. GST was formally launched by President Mukherjee and Prime Minister Narendra Modi in the Parliament.
Here are the top highlights from President Mukherjee’s speech at Parliament:
a) The launch of the biggest tax reform – GST is a historic moment which is a culmination of a 14-year journey.
b) GST marks the beginning of a unified tax system in the country.
c) He also credited the previous government by saying that the proposal for GST was first moved in 2007.
d) President Mukherjee said that the GST launch is a momentous occasion for the country. He also added that he was personally involved in the designing of GST.
e) Reaching the end of his speech he congratulated the GST council for their efforts of rolling out the reform in the given time.