By TNI Network
Date: Jul 01 , 2017

NEW DELHI: Hon. President Pranav Mukharjee and Prime Minister Mr. Narendra Modi inaugurated the new business rule of India, Goods and Services Tax (GST). Speaker Sumitra Mahajan, former Prime Minister H D Deve Gowda, Finance Minister Arun Jaitley, members of parliament and special invitees were present on the occasion in the central Hall of Parliament of India in the midnight of 1st July 2017.

Prime Minister Mr. Narendra Modi in his speech described the GST as “Goods and simple tax” said on the occasion that GST will set us free from more than 500 taxes across the country. The poor and weaker section will get benefited out of it. The GST will also create a simple and easy business environment for foreign investors.

He quoted Geeta and Chankya in his GST address.Prime Minister credited all political parties, states and executives for their cooperation and contribution to the success of GST and termed it as great example of federal structure of India.

 GST will integrate India into a common market, bigger than the European Union and translate the dream of ONE TAX ONE NATION in to reality.

The idea is to replace the bigger mess of tax by single GST and make life easier and allow the business seamless without barriers on state borders. Doing away with state barrier will bring the special relief to transportation and logistics sector. There is a high hope that GST will accelerate economic growth.

A huge system is being replaced therefore government may face some challenges in coming days, as India will start using the new tax law GST.

Government is ready to meet those challenges effectively. Let us welcome the new down of new India.