Global News

How global media covered country's new tax regime

How global media covered country's new tax regime

It was hard for Indian shoppers to know what the cost of nearly anything will become Saturday because prices vary by brand and the current taxes varied from state to state.

Ending more than 11 years of hectic argument between the Centre and states, the GST was passed and is now set to completely transform the indirect taxation landscape in the country, involving both central and state levies.

He further said that when the BJP was in the opposition, they protested against the GST tooth and nail, a fact that can not be denied.

India's president and the prime minister pressed a button heralding the major overhaul of the taxation system - known as the single Goods and Services Tax - from July 1.

The GST was launched at midnight at a function inside Parliament's Central Hall.

The Prime Minister added that GST was a result of hard work of all political parties.

Prior to implementation of GST there was no uniformity on tax across India as duties and fees were levied at different rates across India's different states.

He further said, "GST showcases the power of Team India, It shows how the Centre and states come together to do good for the poor".

SKorean president calls for NKorean Olympic participation
The sun gently warms the traveler and succeeds, the moral of the fable being that gentle persuasion works better than force. The line is used to relay messages in emergencies but since February of a year ago the North has not answered the phone.


"Inflation will come down, tax avoidance will be hard, India's GDP will be benefitted and extra resources will be used for welfare of poor and weaker section", Finance Minister Arun Jaitley said at GST launch event in Parliament.

However, the implementation of GST is likely to face some hurdles as many businesses, especially in the small and medium sector, have complained of inadequacy of time for preparations.

"We are setting India's roadmap with GST", Modi said. "We did want to buy a new one, just not this soon", he said with a smile as he checked prices at the Electronics Paradise store. Debroy also asserted that before India, "only country in the world which is federal and has GST is Canada".

Government has been saying that in a tax incompliant country like India GST will cut red tape and increase tax revenues by increasing the tax base and fuel economic growth. The minister said the reports of a businessman being burdened with filing 37 returns in a year under the new tax regime are totally unfounded.

Over price review before the festive season, Mr. Singh said: "This is bound to happen because people are waiting for a price correction as there has been an impact of 2-3 per cent because of GST.they have to do it in order to sustain". Luxury items including motorcycles, perfume and shampoo, which account for about 19 per cent of all taxable items, will be taxed at 18 per cent or higher.

Similar trends were witnessed in Australia and New Zealand where price rise followed GST rollout.

Arun Jaitley said it is time that India move from a developing to a developed economy and pointed out that there had been a tendency to evade taxes for decades.


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