New era of taxation begins in India as GST has been launched successfully

Prime Minister Narendra Modi on Saturday termed the GST as a ‘good and simple tax’ which will end harassment of traders and small businesses while integrating India into one market with one tax rate.

At a gala event to launch the Goods and Services Tax (GST) at the historic Central Hall of Parliament, Modi said the indirect tax reform is a result of combined efforts of various political parties at different points of time.

GST, he said, is an example of cooperative federalism as the centre and states together thrashed out the new law with consensus.

Besides being a transparent and fair system that will end generation of black money and corruption, GST will promote new governance culture that will end harassment at the hand of tax officials.

Touching upon initial teething troubles that may be witnessed because of unification of more than a dozen central and state levies into one and switching over to a new online return filing system, Prime Minister said even eyes have to adjust for a couple of days when a sight corrective spectacles are worn.

Modi said GST will eliminate the compounding effects of multi-layered tax system.