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GST: War of words between Govt vs Opposition. Here's who said what

GST: War of words between Govt vs Opposition. Here's who said what

He described the GST as "Good and Simple Tax" - good because there will be no tax on tax and simple because there will be only one form of tax.

The historic overhaul of the existing tax legislation was carried out at a special midnight session of parliament under the leadership of Prime Minister Modi and President Pranab Mukherjee.

"In a short while, India will move towards a new direction".

Modi said whatever was lacking in growth and development of the country, GST will provide the opportunity to realise them. However, state governments led by the Congress party had consistently opposed including petroleum under GST.

Shivraj Singh Chouhan: The Chief Minister of MP said that his state's revenues will increase and the GST rollout will add a few percentage points to MP's and the country's GDP.

OneIndia has extensively covered the events leading up to the launch. "I wonder what he would have said had he seen our tax system".

With the hastag GST Tamasha, the Congress posted an 11-second video with a caption, "This is what Modi ji & the BJP really think of GST".

The implementation of nationwide GST replacing the plethora of taxes under the current regime is a historic and transformational reform.

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Dubbed as One Nation-One Tax and One Market - the GST subsumes over a dozen state and central levies where different types of commodities have put under different tax slabs - 5%- 28%.

Incidentally, the GST launch coincides with a slew of other key reform steps such as decision to privatize national air carrier Air India, introduction of insolvency and bankruptcy code and major subsidy rationalization exercise using the direct benefit transfer model.

Political rancour over India's most sweeping indirect tax reforms still runs high, but despite allegations and counter-allegations, uncertainties, and fears of high prices, the new regime has become a reality from July 1, more than seven years after the original deadline of April 1, 2010. Around 6 months to a year down the line, one should be able to make a better assessment of the scenario and understand whose predictions came true with the benefit of hindsight.

The GST, which is slated to roll out today midnight, will bring the Indian economy under a single tax bracket.

Modi also said that GST would eliminate the compounding effects of multi-layered tax system.

Unbranded food staples including vegetables, milk, eggs and flour will be exempt from GST, along with health and education services.

"There is an imminent threat of inflation and an all round increase in the prices of consumer goods". While business class travelers will have to shell out a lot more than which is now charged since it will increase from 8.4% to 12%.

"But like demonetisation, GST is being executed by an incompetent and insensitive government without planning foresight and institutional readiness", he said. "It hits textiles sector - micro and small manufacturers, traders, shopkeepers and helps big businesses", he added.

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