India

India launches historic indirect tax regime GST

New Delhi, July 1 (IANS) At the stroke of the midnight hour, India launched its ambitious pan-India indirect tax regime, the Goods and Services Tax (GST) to bind the country into a regime of “one nation, one tax, one market”.

The roll-out was done by President Pranab Mukherjee in Parliament’s Central Hall, in the presence of Prime Minister Narendra Modi, Vice President Hamid Ansari and others.

At the stroke of the gong, the current tax rates were replaced by the GST rates.

The GST replaces a slew of indirect taxes with a unified tax regime.

The event was given a miss by the Congress, Trinamool Congress, DMK and some other parties.

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