New Delhi: The Goods and Services Tax (GST) will rollout at the the stroke of midnight of June 30, confirms Finance Minister Arun jaitley.
Addressing the media in New Delhi, he said the inaugration ceremony will take place in the Central Hall of Parliament. It will be attended by the President, Vice president and Prime Minister. The President and the Prime Minister will speak on the subject of GST.
He added that two short films made on GST will also be screened on that day.
Addressing the question of GST’s impact on GDP, he said “I anticipate in the long term, being a more efficient system, the revenue inflow and spending capacity of the centre and the states will increase and have a consequent impact on GDP”.
Jaitley further said that all reforms are initially seen as “disruptive”. However, in the long run they become “result-yielding”. “There will be short-term challenges in the switch over. That is why I have extended the date for filing of GST returns. Industry and trade will have to prepare themselves. It is not very complicated,” he said.
He further said the process of registration on the GSTN is going on smoothly. Responding to the question of traders facing problems in registering themselves, he said “The 65,000 who registered did not have issues, the 5,000 who did are on Twitter”.