GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

Text of President s speech on the launch of Goods & Services Tax from Central Hall of Parliament on June 30 2017

Goods and Services Tax - GST - Dated:- 1-7-2017 - 1. In a few minutes from now, we will witness the launch of the Goods and Services Tax (GST), a unified tax system, in the country. This historic moment is the culmination of a fourteen-year long journey which began in December 2002, when the Kelkar Task Force on indirect taxation suggested a comprehensive Goods and Services Tax (GST) based on the Value Added Tax principle. The proposal to introduce GST was first mooted in the Budget Speech for t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e introduction of GST is a momentous event for the nation. It is also a moment of some satisfaction for me personally because, as the Finance Minister, I had introduced the Constitution Amendment Bill on 22nd March 2011. I was closely involved in the design and implementation and had the occasion to meet the Empowered Committee of state finance ministers, formally and informally, as many as 16 times. I also met the Chief Ministers of Gujarat, Bihar, Andhra Pradesh and Maharashtra a number of tim .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

re remained confident that GST was a matter of time and it would eventually be implemented. My confidence stood justified when, on 8th September 2016, after the Bill was passed by both Houses of Parliament and more than 50 percent of State Legislatures, I had the privilege of giving assent to the Constitution (One Hundred and First Amendment) Act. Friends: 3. After the amendment of Constitution, the GST Council has been constituted as per the provisions of Article 279A of the Constitution. The C .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

decisions have been taken by consensus in the Council. I congratulate them. There were apprehensions whether the task of fixing rates for thousands of items could be accomplished by the GST Council, given the wide variations across states. The Council has pleasantly surprised everyone of us by completing its task on time. Friends: 4. The new era in taxation, which we are about to initiate in a few minutes, is the result of a broad consensus arrived at between the Centre and States. This consensu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

inance Minister, it has always been one of the largest contributors to the Central exchequer. Service tax is relatively new but has grown very rapidly in revenue terms. Except for a few goods outside the purview of goods and services tax, both of these will now disappear along with Additional Customs Duty, Special Additional Duty of Customs and numerous cesses and surcharges. Central Sales tax on inter-state sale will cease for goods falling under goods and services tax. At the State level, the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ffect of cascading means that the total tax incidence on domestic industry is not transparent. Under GST, the tax incidence will be transparent, enabling full removal of tax burden on exports and full incidence of domestic taxes on imports. Friends: 7. I am told that GST will be administered through a modern world-class information technology (IT) system. I recall that in July 2010, I had set up an Empowered Group for development of IT systems required for the GST regime under the chairmanship o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Advanced Search


Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

20-7-2017 GST CESS Rate

19-7-2017 IT

19-7-2017 IT

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

More Notifications


Latest Circulars:

21-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

20-7-2017 Goods and Services Tax

19-7-2017 Goods and Services Tax

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version