President Pranab Mukherjee and Prime Minister Narendra Modi launched Good and Services Tax GST at Parliament.
Addressing PM Modi said This was a long process, there were doubts, many states were in dilemma but using all energies and brains, they have reached this point.
He said GST is not only a tax reform but also a step towards economic reform, towards social reform. GST is a transparent and fair system that prevents black money and corruption and promotes new governance culture.
GST is a good and simple tax regime that will eliminate the compounding effects of the multi-layered tax system. GST has potential to end harassment at hands of officers; hope traders will transfer its benefits to consumers.
GST is the economic integration of India just like what Sardar Vallabhbhai Patel had done decades back to integrate the country. GST has 18 chapters like Bhagavat Gita. It is the collective legacy of all political parties, said PM.