GST: JP accuses Congress of not being supportive on the issue of tax reform

GST bill roll out. Get live updates on GST news exclusively by Business Standard

GST LIVE: The midnight launch of the Goods and Services Tax (GST), the country’s biggest tax reform since independence, has catapulted India into a select league of nations with a national sales tax.
 
Amid boycott of the launch ceremony by principal Opposition parties like the Congress, which termed it “tamasha” (gimmick), the new tax regime overnight replaces the messy mix of more than a dozen state and central levies built up over seven decades.
 
The one national GST unifies the country's $2-trillion economy and 1.3 billion people into a common market, an exercise that took many long years.
 
The GST will eliminate the compounding effect of the current multi-layered tax system as well as the cross-state tax heterogeneity by fixing the final tax rate. It is expected to lower the average tax rate on manufactured goods and make them uniform across states by fixing the final tax rate.

ALSO READ: GST launch today: NITI's Bibek Debroy flags multiple rates as key problem

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It is not the original GST that experts had drafted earlier, this will seriously impact inflation :P Chidambaram

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Download the Business Standard e-book – GST: One Nation, One Tax – for our exhaustive coverage and insights on the new indirect tax regime.

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GST Muhurat bonanza: Shoppers save big with Big Bazaar's 22% midnight sale

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10:12 AM

GST: Guess what it means! God Sachin Tendulkar; it's sacred, jokes Twitter

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Trust the Internet to find the laughable even in the most serious, sincere and legit situations. The social media was an ocean of hilarious tweets and videos even as Finance Minister Arun Jaitley, Prime Minister Narendra Modi and President Pranab Mukherjee pressed the "button" to officially roll out the much-awaited Goods and Services Tax (GST) "at the stroke of the midnight hour."

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GST a nuisance? Why didn't Rahul Gandhi say so in Parliament, asks BJP

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Tearing into Congress vice-president Rahul Gandhi for claiming that the Good and Services Tax (GST) "is being executed by an incompetent and insensitive government", the Bharatiya Janata Party (BJP) on Saturday said that the grand old party needs to rise above politics and avoid making such irresponsible statements.

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As we usher in the creation of one nation, one tax, one market, let me conclude by calling upon every Indian to extend cooperation in the successful implementation of the new system: Pranab Mukherjee