GST Will Be Launched At Midnight On July 1st Inside The Parliament, Here're All The Details

Finance Minister Arun Jaitley on Tuesday shared the contours of the GST (Goods and Services tax) launch program on the midnight of June 30 and July 1.

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"Late on June 30 a program will be organised in the central hall of Parliament where all members of the Parliament, GST Council, chief ministers, and officials who have assisted in the process have all been invited," Jaitley said.

Also Read: Here's What Will Be Cheaper And What Will Cost More Once GST Comes Into Effect

Here's all you need to know about the event.

1. The GST launch will happen exactly at midnight when the switchover to the new regime takes place.

2. GST will be launched in the presence of President Pranab Mukherjee, who has agreed to be present at the function, Jaitley said

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3. Prime Minister Narendra Modi, Vice President Hamid Ansari, Speaker of the Lok Sabha Sumitra Mahajan will also grace the occasion.

4. Former prime ministers Manmohan Singh and HD Deve Gowda will be at the podium when the launch happens, Jaitley said.

5. There will be an hour-long function where PM Modi and President Pranab Mukherjee will speak on GST.

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6. There will be two short films that will be screened at the launch.

7. The program will take place at the central hall of Parliament.

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At Tuesday's press briefing, Jaitley said the industry needs to prepare itself for the switchover to GST and it's "not a complicated process". "When the switchover takes place, in the short term there will be some challenges," he added. Companies will be allowed to file late returns for the first two months. Over 65 lakh businesses have already signed up for GST.

GST is touted as the single biggest tax reform since India's independence in 1947 and is expected to add 2 per cent to India's GDP (gross domestic product). It aims to subsume the various central and state taxes that are currently levied on goods and services, bringing India under a uniform tax regime.

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Interestingly, independent India's first Prime Minister Jawaharlal Nehru had delivered his independence speech "Tryst with Destiny" at the Parliament towards midnight of August 14th and 15th in 1947.