India Says "Hello" To GST After 17 Years Of Debate

Business

oi-Sunil Fernandes

By Sunil Fernandes

Updated: Saturday, July 1, 2017, 6:40 [IST]

India today woke-up to the The Goods and Services Tax (GST) -- India's biggest tax reform since independence. The GST finally came ito effect tonight after 17 tumultuous years of debate, unifying more than a dozen central and state levies but doubts remained if the transition to a national sales tax will be without any glitch.

The new tax regime was ushered in at a late night event in the historic Central Hall of Parliament, reminiscent of the midnight 'tryst with destiny' in 1947, PTI reported.

Prime Minister Narendra Modi termed the tax as "Goods and simple tax" though doubts were raised on the likely transition to the new tax system. He also said the new system will benefit the poor. "There are 500 types of taxes that play their roles. Today we are getting rid of them," Modi said. "From Ganganagar to Itanagar and Leh to Lakshadweep, it is one nation, one tax."

Select items are likely to get cheaper, while some items may get costlier with the implementation of the GST.

GST and its impact on your household

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