Narendra Modi's GST Speech: Key Takeaways

Author

02 July, 2017

"J&K has a different system because of the Article 370 giving it special status".

Modi will mark the switch to the new tax regime with a speech in the central hall of parliament where India declared itself a free nation and first prime minister Jawaharlal Nehru made his famous "tryst with destiny" speech on August 15, 1947. These people were opposed to such economic integration.

The GST rate will be higher for SUVs (55% to 43%) as compared to smaller cars (30% to 29%).

"With GST, the dream of "One India, Great India" will come true", Modi said in a speech.

The historic Goods and Services Tax (GST) is now a reality.

"We will continue as usual unless we see trouble", said a 35-year-old grocer in Bhubaneswar who has not yet registered for the GST. The fact that traders and consumers remained uncertain about its impact was visible in major markets in Lucknow and in other towns as business was reported to be very low on Saturday, the first day under GST.

"There will be disruption", said Rajeev Chandrasekhar, an investor and upper house lawmaker who is part of PM Modi's ruling coalition and sat on a parliamentary committee on GST. GST was implemented when President Pranab Mukherjee and Prime Minister Narendra Modi pressed the button to sound the gong to launch the new indirect tax regime on a digital screen.

The Congress termed the midnight launch, which was attended by President Pranab Mukherjee, Vice-President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan and former prime minister H D Deva Gowda besides various Bollywood stars and industrialists, as "tamasha", saying it was being rushed in a "half-baked" manner as a "self- promotional spectacle".

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Leaving petroleum and electricity, constituting more than a third of the economy, have been left out of the GST, he said.

Giving due credit to his allies, opponents and detractors, he maintained, "GST could be crystallized not due to one person or party but due to the collective efforts of all the statesmen". In a little while, the country will move in a new direction.

HSBC estimates the reform could add 0.4 percentage points to economic growth.

"I also met the Chief Ministers of Gujarat, Bihar, Andhra Pradesh and Maharashtra a number of times".

"We are not selling right now... permission for manual billing has not been received yet", said Dinesh, manager, Baggit, a premium leather brand for bags. "It ends the grey are completely", he said.

"We are waiting for the complete information from the GST Council about levying of the taxes".

"It is good and simple tax and it is good from all aspects".


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