Sounding of gong at 12 to signal GST launch

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Gandhi also said: "Unlike demonetisation, GST is a reform that Congress has championed and backed from the beginning".

The country has waited for the reform for long, and I had once described implementation of the GST as the "bullock cart stuck in the mud". "Some hard steps are needed to be taken but it will ultimately have a positive impact", Gadkari said. He added that the GST was an achievement for "Team India".

"We were not happy with the VAT tax regime since having much human inter-face coupled with anomalies and disparities, it became a complicated taxation system which promoted migration of businesses of one State to another due to varied tax rates and often proved a tool of harassment & corruption".

While the manufacturers being generally within the value chain could claim the input tax credit on most central/ State taxes, there were cascading taxes as well as costs in the form of CST, trading related reversals, etc. Before Modi came to power three years ago, his party was not particularly in favour of the GST. Now we have put 3% GST on gold.now the same community which was opposing 1% tax is welcoming 3% GST on Gold. GST, which replaces a slew of indirect taxes with a unified tax, is set to dramatically reshape the country's economy.

Small foundries in Coimbatore and hosiery units in Coimbatore and Tirupur have also expressed fears about the impact the GST will have on them.

Incidentally, the GST launch coincides with a slew of other key reform steps such as decision to privatize national air carrier Air India, introduction of insolvency and bankruptcy code and major subsidy rationalization exercise using the direct benefit transfer model.

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Rail Minister Suresh Prabhu said in the coming days, tax compliance and tax collection will improve and the common man s problem in paying taxes will go. Many businesses have complained that they felt ill-prepared for joining the new system.

The complicated and multifaceted scheme, which includes four tax rates ranging from 5 per cent to 28 per cent, with numerous exemptions, has the potential to confuse businesses and consumers alike.

Apart from affecting people of all ages and gender, we try and look at how the GST rollout will affect the lives of Indian woman - from the office goer to the homemaker.

Butter, ghee, almonds, fruit juice, mobiles and umbrella have been placed in 12 per cent tax bracket while 18 per cent rate would be levied on hair oil, toothpaste, soap, ice cream, and printers.

"Every state government of the Congress has opposed putting petroleum in GST. It marks the beginning of a new journey for India", the finance minister said. I think. Petroleum and Real Estate will have to come to GST Council to be taxed.

Randeep S Surjewala, Congress Spokesperson: He said the GST would harm the farming community and the textile industry in the country. On liquor which is a strong source of income for many states, they have to come on board at some stage.

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