The Finance Minister Arun Jaitley has shared some important updates on Tuesday (June 20) about the GST (Goods and Services Tax). The GST launch program will be arranged on the midnight of June 30 and July 1.
Arun Jaitley said that “Late on June 30 a program will be organised in the central hall of Parliament where all members of the Parliament, GST Council, chief ministers, and officials who have assisted in the process have all been invited.”
Also, he added that switching to GST is not a complicated process and “When the switchover takes place, in the short term there will be some challenges.”
GST launch at midnight
Need to know about the event of GST Launch:
The GST launch will happen exactly at midnight when the switchover to the new regime takes place.
GST will be launched in the presence of President Pranab Mukherjee, who has agreed to be present at the function, Jaitley said.
Prime Minister Narendra Modi, Vice President Hamid Ansari, Speaker of the Lok Sabha Sumitra Mahajan will also grace the occasion.
Former prime ministers Manmohan Singh and HD Deve Gowda will be there when the launch happens, Jaitley said.
There will be an hour-long function where PM Narendra Modi and President Pranab Mukherjee will speak on Gods and Service Tax.
Also, there will be two short films to be screened at the GST launch.
GST is touted as the single biggest tax reform since India’s independence in 1947 and is expected to add 2 percent to India’s GDP (gross domestic product).
Lastly, India’s first Prime Minister Jawaharlal Nehru had delivered his speech at the midnight of August 14th and 15th in 1947 for the Independence. After that, PM Modi will give his speech on the midnight at the central hall of the Parliament.