With the historic Goods and Services Tax (GST) becoming a reality, Prime Minister Narendra Modi on Saturday said in a tweet that former home minister Sardar Vallabhbhai Patel integrated India territorially and the GST would integrate the nation economically.
"Sardar Patel integrated India territorially, GST is integrating India economically," Prime Minister Modi tweeted.
Sardar Patel integrated India territorially, GST is integrating India economically. pic.twitter.com/XYNUr6p7z1— Narendra Modi (@narendramodi) July 1, 2017
He further said, "GST showcases the power of Team India, It shows how the Centre and states come together to do good for the poor."
Union Home Minister Rajnath Singh assured that the GST would unleash the true potential of the huge market in India.
"GST Becomes A Reality: GST will help in unleashing the true potential of our huge market & also boost India's GDP #GST4NewIndia @askGST_GoI," Singh tweeted.
Goa Chief Minister Manohar Parrikar tweeted, "A new era of taxation begins with #GSTForNewIndia. Congratulation to PM @narendramodi ji for unifying the nation economically."
Members of the Union Cabinet lauded Prime Minister Narendra Modi, Finance Minister Arun Jaitley and others for the successful rollout of the Goods and Services Tax (GST).
Earlier, hailed as the 'most ambitious economic reform' in India, the GST was launched during a midnight session of Parliament in the presence of President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and Lok Sabha Speaker Sumitra Mahajan and other dignitaries.
Ending more than 11 years of hectic argument between the Centre and states, the GST was passed and is now set to completely transform the indirect taxation landscape in the country, involving both central and state levies.
In a departure from the normal practice, GST will be administered together by the Centre and States.
The biggest tax reform since independence - GST - will pave the way for realisation of the goal of One Nation - One Tax - One Market.
It will benefit all the stakeholders namely industry, government and consumer as it will lower the cost of goods and services give a boost to the economy and make the products and services globally competitive, giving a major boost to 'Make in India' initiative.
Under the GST regime, exports will be zero-rated in entirety unlike the present system where refund of some of the taxes does not take place due to fragmented nature of indirect taxes between the Centre and the States.
However, GST will make India a common market with common tax rates and procedures and remove economic barriers. GST is largely technology driven and will reduce the human interface to a great extent. GST is expected to improve ease of doing business in India. (ANI)