GST switch-over set for June 30 midnight, govt prepared: Arun Jaitley

Representational pic- India Tv

Modi and Mukherjee will speak briefly on GST and two short films on the tax regime will be shown, Jaitley said. The session will start around 11 pm on June 30 and end at 12.10 am on July 1.

Speaking about the anti-profiteering laws that were recently cleared by the GST Council on Sunday, Jaitley said that the clause in GST is a deterrent which is not meant to be used unless forced to.

As per the Finance Minister Arun Jaitley, revenues of the states and spending capacity of the government at centre and states are likely to increase and positively impact on the GDP of the country. President Pranab Mukherjee, Vice-President Hamid Ansari, Prime Minister Narendra Modi, Lok Sabha Speaker Sumitra Mahajan and former Prime Ministers Manmohan Singh and HD Deve Gowda will be on the dais for GST rollout.

"A launch function will be held in Central Hall of Parliament at midnight in the presence of the President, Vice President". "We had been saying GST will be rolled out by July 1; nobody had any business not to be ready".

More than 6.5 million businesses have already signed up for the GST, Mr Jaitley said earlier this week, pointing that that's more than four-fifths of those already registered to pay India's old business taxes. It aims to subsume the various central and state taxes that are now levied on goods and services, bringing India under a uniform tax regime.

In other words, the GST will put all taxes levied by state and Central government in one basket and merge them into a single-tax system, thus doing away with multiple taxation and promoting the concept of a common market for all.

Food items will not attract any tax and have been kept in the zero-per cent slab. "In short term, there will be some challenges in switchover to GST".

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