The much awaited Goods and Services Tax (GST) will be launched from mid-night of June 30-July 1, Finance Minister Arun Jaitley said on Tuesday.
New Delhi: The much awaited Goods and Services Tax (GST) will be launched from mid-night of June 30-July 1, Finance Minister Arun Jaitley said on Tuesday.
The GST launch function will be held at Central Hall of Parliament wherein MPs, CMs and state finance ministers are being invited, Jaitley said.
President Pranab Mukherjee, Vice-President Hamid Ansari, Prime Minister Narendra Modi, Lok Sabha Speaker and former PMs Manmohan Singh and HD Deve Gowda will be among those who will attend the special event. They will be on dais for GST launch.
President Mukherjee will unveil India's new tax regime on July 1, Jaitley added.
“Over medium to long term, revenues of centre, states will grow; size of formal economy to grow too,” Jaitley said.
“In short term, there will be some challenges in switchover to GST,” he added
On being asked if certain states were not ready for roll out, Jaitley said, “We had been saying GST will be rolled out by July 1, nobody had any business not to be ready.”
The finance minister also said that anti-profiteering clause in GST is a deterrent which is not intended to be used unless forced to.
With PTI Inputs