New Delhi: With the stroke of the midnight today, the one country one tax Goods and Services Tax (GST) regime will become a reality. The stage is all set for the roll out with a mega event in the central hall of the Parliament in the presence of President Pranab Mukherji, Prime Minister Narendra Modi and other dignitaries as the government has called for a joint special session of the Parliament at midnight today to mark the occasion.
Among others Amitabh Bachchan, Lata Mangeshkar, Ratan Tata has also been invited to attend the event where the Prime Minister and President will be giving speeches. The biggest ever tax reform GST is expected to rewrite the rules of business, while reducing the burden on the common man. It will integrate India into a common market, bigger than the European Union. It is expected that by doing away with the plethora of taxes and barriers on state borders, GST will accelerate economic growth.
It will enable companies and firms to maintain electronic accounts, along with invoices. GST would ensure seamless and uniform indirect tax regime besides lowering inflation and promoting growth in the long run as it sought to allay concerns of the states that they would be hurt by its implementation. GST is a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Central and State governments. It is aimed at being comprehensive for most goods and services. (UNI)