It's not Goods and Services Tax, it's Good and Simple Tax: PM Modi tells nation

Goods and Services Tax (GST) was implemented at midnight in the ceremony at the Parliament Central Hall, New Delhi.

As the country's biggest tax reform, Goods and Services tax (GST) was implemented at midnight, the ceremony at the Parliament Central Hall saw Prime Minister Narendra Modi delivering an elaborate speech, ushering in the "one-tax-one-nation" regime from July 1.

Here are 10 key highlights of Narendra Modi's GST speech:

# Referring to the Central Parliament hall as a "pious", Modi said that the nation will collectively usher the GST in the Parliament Hall.

# He said that the GST is a unique example of India's "cooperative federalism", implemented by the "collective efforts of all."

# He assured that the GST will keep the interests of the poor as paramount, making it not just an economic reform but also a social reform. It will benefit the poor as GST exempts traders with turnover less than Rs. 20 lakh and has low rates for ones with less than Rs. 75 lakh turnover.

# Modi said that GST will put an end to Inspector Raj and Tax terrorism, bringing the government a step closer in curbing black money. He added that it will eliminate the concept of "kuchha bill" and "pucca bill", queues of lorries in state borders etc.

# He asked the public to not believe rumours regarding the difficulty in GST implementation. He assured that adapting to GST is as easy as adapting to a change in eye power.

# Modi said that GST will provide opportunities for the backward north-eastern states of India to progress as they have abundant resources. '

# He mentioned that GSt will make exports competitive as India has emerged as a preffered business destination internationally.

# India has emerged as a preferred business destination internationally and GST will make exports competitive.

# He said that GST is the new spirit of doing business of New India and Digital India and will be remembered by the future generations to come.

# He concluded by saying that GST is indeed "Good and Simple Tax" - good because it eliminates tax layers and simple because it makes filing returns easier.

Refer by-Moneycontrol