GST to be launched on June 30 midnight in Parliament

Representational pic- India Tv

Representational pic- India Tv

"There will be a brief function of about one hour where the Prime Minister and President will speak on the subject and there are two short films on the subject of GST which have been prepared for this event", Arun Jaitley said.

Ending months of debate and deliberation, the Goods and Service Tax (GST) will see the light of the day on June 30 midnight when the government rolls out the new tax regime.

The GST council, that brings together the central and state governments, has met 17 times to thrash out how the tax will work.

GST being a more efficient system will also result in better tax compliance, the finance minister stressed.

"The GST council has categorically chose to implement GST on July 1 " said Finance Minister. MPs, Chief Ministers and state finance ministers are being invited, ' said Finance Minister Arun Jaitley. President Pranab Mukherjee, Vice-President Hamid Ansari, Prime Minister Narendra Modi, Speaker Sumitra Mahajan and former prime ministers Manmohan Singh and H D Deve Gowda will be among those present at the event. The size of the formal economy would also increase.

Virat Kohli named in Team of Champions Trophy, Pakistan's Sarfraz Ahmed skipper
India eventually collapsed to 158 all out as they suffered their heaviest defeat in terms of runs in 129 ODIs against Pakistan. To avoid unnecessary and unwelcomed tensions, security personnel were deployed outside cricketer M.

Reacting on the speculations of GST rollout's impact of the economic growth and GDP, the finance minister confessed that "in short term, there will be some challenges in switchover".

"All GST Council decisions have been taken through consensus".

Earlier, he had said that companies will be allowed to file late returns for the first two months so that they can adapt to a new online-filing system. "Process of registrations is going on well", he added.

Jaitley said that most states had accepted the amendments made to the act and had already paved way for its implementation. "Kerala govt will pass SGST this week", Jaitley told reporters during a press conference.

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