GST set for red-carpet rollout in Parliament

Finance minister Arun Jaitley asked all opposition parties to be a part of the high-profile July 1 midnight launch of the goods and services tax (GST) as the government geared up on Thursday for one of India’s most ambitious reforms.

“I hope every political party will reconsider and revisit its decision,” he said.

Parliament is decked out with festival lights and rehearsals were conducted ahead of the Central Hall function that President Pranab Mukherjee, Prime Minister Narendra Modi, senior ministers and bureaucrats will attend.

The GST will replace about 20 central and state taxes such as factory-gate duties, service and local taxes while unifying Asia’s third-largest economy and 1.3 billion people into a single market.

The finance minister thanked state governments for the “collaborative effort” to implement the new system. His cabinet colleague Venkaiah Naidu requested parties to rise above politics for the successful rollout of the single-tax regime.

Migrate your service tax registration to GST. Registration opened on June 25.

Choose the right software for filing GST. Several companies have launched portals to facilitate GST returns.

Check the tax rates under GST on the CBEC website, cbec.gov.in.

The appeal follows the decision of the Congress, Trinamool Congress, DMK and Left parties to boycott of the midnight ceremony, saying the country was “ill-prepared” for its implementation. Former PM Manmohan Singh, who was a special invitee, is likely to skip the event.

Keep invoices of pre-GST stock safe. Proper invoice will ensure 100% tax credit on pre-GST stocks sold after July 1.

Download CBEC Mitra for help with the new tax. This app is a guide to the rules and procedures under GST.

First conceptualised in 2000, the GST underwent several changes in 17 years to emerge as a multi-tiered tax structure, which economists believe will undermine the advantages that a uniform indirect tax would have affected.

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