The time which everyone had been eagerly waiting for — July 1 — is here and the much talked ‘tax reform’, Goods and Services Tax (GST) has ushered in by Parliament after a midnight session which was specially called in for the GST launch.

Finance Minister Arun Jaitley called the GST launch as a reform which was the result of all parties combined.

While addressing the Parliament over GST launch, Finance Minister also gave out the pros of GST saying that while enacting it, neither the State nor the Centre loses its sovereignty. In his address he also congratulated all the other political party for the launch.

The main highlights from FM Arun Jaitley’s GST launch speech are as follows:

 a) GST will be a destination tax, but it will start a new journey for India.

 b) Post the GST launch it will be an India where the Centre and the State will be working together.

 c) GST a high point in Indian politics when world is seeing slow growth.

 d) All Members of Parliament, State Governments, State Finance Miniseries and all other political parties deserve to be appreciated for the historic GST launch.

 e) Post GST launch, tax avoidance will become difficult for tax evaders, rates will be lesser and Gross domestic product (GDP) will improve.

 f) The consensus over GST shows India can rise above politics in interest of the nation.