President Pranab Mukherjee addressing the Parliament at the launch of Good and Services Tax said, It is remarkable that 18 meetings held so far, all decisions have been taken by consensus in the GST council. The Council has pleasantly surprised everyone by completing its task on time.
GST is a disruptive change no doubt. It is similar to the introduction of the VAT when there was initial resistance. When a change of magnitude is undertaken however positive it may, there bound to be some teething troubles and difficulties in the initial stage.
GST will act as a major boost to economic efficiency, tax compliance and domestic and foreign investment. GST to make India’s exports more competitive and provide a level-playing field to domestic industry to compete with imports.
It is a tribute to the maturity and wisdom of India’s democracy The new era in taxation is the result of a broad consensus arrived at between Centre and States.
GST will create a strong incentive for buyers to deal with honest and compliant sellers who pay their dues promptly. The success of major changes always depends on their effective implementation, said President Mukherjee.