Highlights of the speech by Prime minister Narendra Modi on BJP government’s roll out of GST – Goods and Service Tax in India
- President Mr. Pranav Mukherjee inaugurated and announced the start of GST in the country from 1st July 2017
- A special session was conducted for this announcement where Mr. Narendra Modi, Finance Minister Arun Jaitly along with other Members of Parliament were present.
- Narendra Modi stated that a new Era has begun where dream seen for last 70 years of independent India will be fulfilled.
- A dream to reach and change the lives of people staying below poverty line will be easily achived with the help of GST.
- ONE INDIA, ONE TAX, ONE MARKET a tag line used for advertising GST will be a reality.
- GST is said to be the biggest revolution in the history of Taxation in India.
- All the taxes present in India at state level and central level will come under GST as one single tax.
- Government’s strategy of “Ease of doing Business” is a part of GST.
- With GST assurance of easy tax filling is given by the government.
- There are Innumerable doubts about the smooth execution of GST in the minds of Businessman, common people and also the government.
- Opposition to GST is still seen in parts of India.
- Currently Petroleum products, Alcohol and Natural gases are excluded from GST.
- Rest all products and service fall under these brackets:- 5%,12%,18% and 28%.
- GST on most essential daily products is 0%.
- GST on Gold is 3% while GST is highest on hazardous product like tobacco.
It was a right decision by the BJP govt.