Nagpur: The Good and Service Tax (GST) was launched by President Pranab Mukherjee in the presence of Prime Minister Narendra Modi, the ruling party members and several other dignitaries. From 12:00, all the other taxes have been subsumed into a single tax regime–GST. While you may wonder how taxation will be done, we chanced upon what could be the first receipt that displays GST taxation.
The DNA went to a departmental store and got a bill that shows how much GST has been levied. The bill clearly breaks the 18% GST levied on biscuits into Central GST and State GST. Have a look!
The Goods and Services Tax has subsumed a gamut of indirect taxes into one tax which will be divided between the Centre and states equally.The GST is the confluence of central excise tax, food tax, entertainment tax, central sales tax, commercial tax, value added tax, purchase tax, luxury tax, and advertisement. Goods and services have been divided into 5 slabs– 0, 5, 12, 18, and 28 percent. GST is a destination tax, which means it won’t be charged at the source.
On the launch function, Prime Minister Narendra Modi thanked all the political parties for passing the GST and actively taking part in developing the GST. He said it was the result of the efforts of various officials, politicians, and governments that such a humongous project could be completed. He said 500 taxes of all the states were fused into just one tax regime. (Also read: What is GST? All Your Questions About it Answered)
President Pranab Mukherjee said that the moment was personally special for him as he also had played part in GST as the finance minister. He said that some teething troubles would be encountered, which would have to be overcome.
Meanwhile, the Opposition completely boycotted the event. Leaders of Congress, TMC, JD(U) didn’t attend the Parliament function. Former PM Manmohan Singh, who was invited to sit on the dais, also skipped the function.