PTIrNEW DELHI rrPrime 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 USD 2 trillion economy and 1.3 billion people into a common market. rPresident Pranab Mukherjee, who had originally moved the Constitution Amendment bill for bringing GST way back in 2011 when he was the finance minister in the previous UPA regime, will be present alongside eminent personalities at the historic Central-hall of Parliament. rUnlike the last midnight event held in 1997 on the occasion of golden jubilee of the Independence at a special session of Parliament, it will be a gala event at the circular-shaped hall that has been loaned for the launch of the historic reform. rThe government promises that the transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories. It is estimated to add 0.4 per cent to 2 per cent to GDP growth. rBut some businesses are still figuring out how it will work as they race against time to adopt or upgrade cash registers and computer system so they are able to file monthly tax returns. rOpposition parties TMC, Congress and Left see undue haste in the implementation, causing hardships for millions of neighbourhood shops that don’’t even use a calculator. They have decided to boycott the event. rFinance Minister Arun Jaitley made a last minute appeal to them to reconsider their decision saying the landmark indirect tax reform was a result of a joint decision and they cannot run away from it now.
GST: Stage set for India’s biggest tax reform
Finally, the day has arrived for the launch of nationwide goods and services tax at midnight Friday amid protests from opposition parties who see hardships to small businesses in pushing through the biggest economic reform without preparations.
