GST comes into force after 17 years of debate

Goods and Services Tax (GST) regime officially came into force from July 1, 2017. Government launched the Goods and Services Tax (GST) at a special midnight meeting in Central Hall of Parliament.

Highlights of GST Launch Ceremony:

President Pranab Mukherjee and PM Modi pressed a button in a specially crafted box at the stroke of midnight and formally launched GST.

• Besides, President Pranab Mukherjee and Prime Minister Narendra Modi, Vice – President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan, Former Prime Minister H D Deve Gowda and Union Cabinet Ministers including Finance Minister Arun Jaitley were present at the launch ceremony.
• It is to be noted that members of Congress, RJD, DMK and Left parties boycotted the launch ceremony, whereas members of NCP, the JD-U and the JD-S broke ranks with opposition parties to attend the launch ceremony.
• President Pranab Mukherjee, who had as finance minister in the UPA government in 2011 piloted a constitutional amendment bill to bring in the GST, said the new indirect tax regime is a “disruptive change”.
• PM Modi said the indirect tax reform is a result of combined efforts of various political parties at different points of time. PM Modi referred to GST as “good and simple tax” that marks economic integration of India.

July 1 to be observed as GST Day

As per an order issued by Central Board of Excise and Customs (CBEC), July 1 will be known as ‘GST Day’ and will be celebrated in all offices of CBEC just as Central Excise Day and International Customs Day.

• On July 1, 2017, all the offices of the Central Board of Excise and Customs (CBEC) have been instructed to remain open as a trade facilitation measure.
• In order to facilitate smooth switchover to GST, Government has asked tax offices to convert into GST Seva-Kendras for providing all assistance to tax payers.
• Apart from giving guidance to GST assessees, GST Seva Kendras should render assistance to taxpayers in migration, registration as well as filing of returns.
• A guidance manual for such GST Seva Kendras too has been circulated to all offices in a bid to standardise quality taxpayer services.
• CBEC will be putting up of banners welcoming members of the trade and industry for any facilitation at all field offices.
• In addition to this, name board of the field offices will be re-named as Central GST Zone/ Commissionrate/ Division/ Range and the logo ‘One Nation, One Tax, One Market’ will be displayed prominently on the name boards/banners/office letterheads.