Can't have single or two GST rates immediately, says Jaitley

At the stroke of midnight, Goods and Services Tax (GST) was officially launched at the Parliament's historic Central Hall, by President Pranab Mukherjee and Prime Minister Narendra Modi.

"J&K has a different system because of the Article 370 giving it special status. And the normal is whatever taxes I have to pay, I need to pay", the finance minister said while addressing the "Chartered Accountants Day" organised by The Institute of Chartered Accountants of India.

India is all set to implement its biggest ever tax reform, the Goods and Services Tax (GST), from Saturday. These people were opposed to such economic integration. "GST will not only ease the process of doing business but will also improve the way of doing business".

"It shows India can collectively think and act with maturity for broader objective", Jaitley said. It finally came into existence after 11 years of effortful conversation between the Centre and the State while spearheaded by several Union and state finance ministers.

"GST will have a lot of benefits not only for the economy.it is expected that with GST's implementation, as many as one lakh new jobs will be created in the next three months". To everyone else including the poor, PM Modi pitched the GST as a tool to deliver value to the poor.

The government published lists last month showing nearly every item for sale in India, from shampoo to tea to automobiles, should be taxed within four broad categories — at rates of 5 percent, 12 percent, 18 percent or 28 percent. He said that GST was a shining example of cooperative federalism.

Finance Minister Arun Jaitley called GST an "important achievement for the entire country". This path we have chosen is not one party or one government's.

"(It) will truly enable us to build a New India", Jayant Sinha, a federal minister wrote in the Times of India.

"Introduction of Goods and Services Tax (GST) is a momentous event for the nation". The first fallout was seen yesterday when the southern state of Tamil Nadu announced a 30 percent levy on movie tickets, in addition to the 28 percent GST fee. "It ends the grey are completely", he said.

In a few minutes from now, we will witness the launch of GST. He said businesses were not ready for the roll out and were denied the preparation time that they sought.

Although telephone bill will be charged GST at the rate of 18%, which will increase the liability of the person, as the current service tax rate is applicable at the rate of 15%.