The Goods and Services Tax (GST) finally rolled out in the midnight session of Parliament in the presence of President Pranab Mukherjee, Prime Minister Narendra Modi and other dignitaries as well.
The President Pranab Mukherjee addressing a special session of the Parliament said it is a tribute to the maturity and wisdom of India's democracy. This historic moment is the culmination of a 14-year-long journey which began in December 2002.
"The new era in taxation is the result of a broad consensus arrived at between the Centre and the states. It is a tribute to the maturity and wisdom of India's democracy. The GST will make exports more competitive and also provide a level playing field to domestic industry to compete with imports," he added.
He said "I was closely involved in the design and implementation of the GST as the then Finance Minister. I had the privilege of giving assent to the Constitution Amendment Act,"
"The GST is a disruptive change no doubt. It is the similar introduction of the VAT when there was initial resistance. When a change of magnitude is undertaken, however, positive it may be, there are bound to occur some teething troubles and difficulties in the initial stage," he said.
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Goods and Services Tax rolled out in midnight session of the Parliament