India set to embrace GST

India set to usher into a new era with the Goods and Services Tax coming into force from midnight tonight; Main function to be held in Central hall of the parliament in presence of President, Vice President and Prime Minister.

Stage is set for the launch of a nationwide goods and services tax at midnight tonight.

Prime Minister Narendra Modi will at midnight unveil the new tax regime replacing overnight the messy mix of more than a dozen state and central levies built up over seven decades, with a one national GST unifying the country’s two trillion US Dollars’ economy and 1.3 billion people into a common market.

President Pranab Mukherjee will be present alongside eminent personalities at the historic Central-hall of Parliament.

Before the path-breaking tax regime coming into effect tonight, the last meeting of the GST council will be held in New Delhi today to finalise minute details.

Earlier, Union Finance Minister Arun Jaitley has said that GST will work to curb black money and simplify the tax system.

The Finance Minister said, in the long term, tax rates will come down due to GST, and country and the public will benefit from it.

He further said that the GST network system and tax system of states are ready for GST and he expressed confidence that the general public and small businessmen need not fear the new tax regime.