India on Saturday at midnight launched its biggest ever tax reform- the Goods and Service Tax. President Pranab Mukherjee along with Prime Minister Narendra rolled out the GST in a special function held at the historic Parliament Central Hall.
President Mukherjee, just before formally launching India's centralised tax model, addressed a special fuction in the Parliament organised to launch GST.
During the address, the President said that the introduction of GST is a momentous event for the nation. It was also a moment of some satisfaction for him because, as the Finance Minister, he had introduced the Constitution Amendment Bill on 22nd March 2011.
Here are the top quotes from President Mukherjee's address:
# This historic moment is the culmination of 14-year long journey which began in December 2002.
# It is remarkable that 18 meetings held so far, all decisions have been taken by consensus in the council.
# GST will make India's exports more competitive and provide level-playing field to domestic industry to compete with imports.
# GST will act as a major boost to economic efficiency, tax compliance and domestic and foreign investment.
# The Council has pleasantly surprised everyone of us by completing its task on time.
# When change of this magnitude is undertaken however positive it may, there bound to be some teething troubles & difficulties in initial stage.
# GST, no doubt is a disruptive change . It is similar to introduction of the VAT, when there was initial resistance.