GST Midnight launch, Special Midnight Session in Parliament on June 30

  • GST Midnight launch, Special Midnight Session in Parliament on June 30

GST Midnight launch, Special Midnight Session in Parliament on June 30

Prime Minister Narendra Modi today termed the roll-out of the Goods and Services Tax (GST) from July 1 as "historic" and said that the world will witness how political parties of various ideological hues came together to usher in this major reform.

President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and former Prime Minister Manmohan Singh are slated to attend the event on June 30, said Jaitley.

The GST will be launched in presence of President Pranab Mukherjee during the function, which is being organised by the Parliamentary Affairs Ministry.

Jaitley said that most states had accepted the amendments made to the act and had already paved way for its implementation.

Jaitley, addressing a news conference, said there would be initial challenges after launching the tax, which will require all but the smallest businesses to file three detailed returns online every month.

Acknowledging the role of previous governments in readying the GST, Jaitley said: "Many governments have played an important role".

Briefing reporters on the ceremonial transition to GST planned at Parliament House at midnight on 30 June, Jaitley said that revenue receipts from indirect taxes have shown a sharp increase in the months of April and May, suggesting that goods which previously used to enter the value chain undeclared are now being traded legitimately.

Originally, the launch of GST, which has been in works for over a decade, was to be done from Vigyan Bhawan - the largest convention centre in the national capital that has hosted majority of the meetings of the GST Council.

“Rollout of the GST from July 1 will be historic.

"In July and August, we have extended the date for filing the monthly returns".

When asked whether GST Network can start functioning without having got clearance from home ministry, Jaitley said it's a procedural matter. "If he's still not ready, then I'm afraid he does not want to be ready". Size of formal economy should increase. However, in the long run they become "result-yielding". "It's not a complicated process", he said.