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GST comes into force after 17 years of debate

Goods and Services Tax - GST - Dated:- 1-7-2017 - New Delhi, Jun 30 (PTI) The Goods and Services Tax (GST) - India's biggest tax reform since independence - tonight came into force after 17 tumultuous years of debate, unifying more than a dozen central and state levies but doubts remained if the transition to a national sales tax will be without any glitch. The new tax regime was ushered in at a late night event in the historic Central Hall of Parliament, reminiscent of the midnight 'try .....

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arent tax that will help curb corruption and check generation of black money. President Pranab Mukherjee, who had as finance minister in the UPA government in 2011 piloted a constitutional amendment bill to bring in the GST, said the new indirect tax regime is a disruptive change . It is similar to the introduction of VAT when there was initial resistance. When a change of this magnitude is undertaken, however positive it may be, there are bound to be some teething troubles and difficulties in t .....

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ed by Vice-President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan and former prime minister H D Deve Gowda. Mukherjee and Modi pressed a button in a specially crafted box at the stroke of midnight to launch the new tax regime which overnight replaced the messy mix of more than a dozen state and central levies built up over seven decades. The one national GST unifies the country's USD 2 trillion economy and 1.3 billion people into a common market, an exercise that took 17 tumultuous years. .....

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tablishments and wholesale commodity markets in some cities remained closed today in protest against the hasty rollout of GST. While a general strike by traders in Kashmir has been called tomorrow, Uttar Pradesh and Madhya Pradesh witnessed sporadic bandhs. West Bengal, Andhra Pradesh and Telangana also witnessed protests. TMC's Mamata Banerjee feared it would bring back the dreaded Inspector Raj . But the NCP, the JD-U and the JD-S broke ranks with opposition parties to attend the launch ce .....

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down barriers between 31 states and union territories. It is estimated to add 0.4 per cent to 2 per cent to GDP growth. But some businesses are still figuring out how it will work as they race against time to adopt or upgrade cash registers and computer systems so they are able to file monthly tax returns to comply with the new tax regime. Hours before the midnight launch, the GST Council - the highest decision making body that formulated the rules and tax rates, met for the 18th time. Prime Min .....

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