The Goods & Services Tax (GST), India's biggest tax reform since Independence, has been officially launched by President Pranab Mukherjee and PM Narendra Modi at a joint midnight session of the Parliament at the Central Hall today.
A button was pressed by the President and the PM to launch the GST.
Finance Minister made the opening address, highlighting the role of all the parties in making the GST rollout possible. PM Modi spoke at length on what the GST rollout means to the nation, calling it a tribute to the maturity and wisdom of India's democracy.
He went on to stress that the implementation of the GST will eliminate the compounding effects of multi-layered tax system. He added that GST is a transparent and fair system that prevents black money and corruption and promotes new governance culture.
President Pranab Mukherjee hailed the rollout as a momentous occasion for the nation and expressed hope that it will act as a major boost to economic efficiency, tax compliance and domestic and foreign investment.