Midnight GST show rings in India's biggest tax reform

GST, he said, was really a Good and Simple Tax which would just take a little getting used to like every new pair of spectacles.

Prime Minister Narendra Modi said in a speech that the new system would eliminate 500 types of taxes in favor of one tax across the country, a catalyst that would remove trade imbalance and promote exports.

Speaking on the occasion, the prime minister said that the day marks a decisive turning point, in determining the future course of the country. That's why he was confident that GST will be implemented, he said.

President Pranab Mukherjee and Prime Minister Narendra Modi arrived at the Parliament on midnight Friday to launch the unified tax system in the country.

Main opposition party, Congress, made a decision to boycott the launch ceremony, even as the event was attended by nearly every other national and regional political party.

Here's a look into what went on inside the session.

The sharpest critics of the Goods and Services Tax's midnight launch at Parliament's central hall had absented themselves.

The biggest ever tax reform GST is expected to rewrite the rules of business, while reducing the burden on the common man. Consumer will benefit under the GST regime.

After many failed attempts, NASA finally gets its light show
The artificial clouds were part of a NASA experiment created to test high-altitude winds and cloud movement. Live coverage of the rocket launch is on the Wallops Ustream site and on NASA's Facebook page .

But many businesses were nervous about how the change will unfold while smaller establishments staged strikes saying they would get hit by higher tax rates.

Ratan Tata, patriarch of India's largest business group, Bollywood superstar Amitabh Bachchan and the country's most famous singer Lata Mangeshkar will attend the ceremony.

She added that system was in place to tax as per GST rates.

The opposition National Conference and traders have expressed concern over the extending Constitutional Amendment 101, or the GST Act, to Jammu and Kashmir. "Because of this we will lose customers and it will encourage illegal downloads of movies", he said.

A short film on the GST played out on television screens as soon as Modi and Mukherjee pressed a button.

Businesses are nervous about GST, which sets out four different rates of between five and 28 per cent instead of the one originally envisioned.

The Good and Service Tax has been rolled out. Most economists agree the reform - first proposed in 2006 - is long overdue, but warn the initial shock to the economy is likely to drag, rather than stoke, growth in the short term as businesses adjust.

The government published a 213-page list of rates last month showing nearly every item for sale in India.

Related Articles

  • Arson charges dropped against teens accused of setting deadly 2016 Tennessee fire

    Arson charges dropped against teens accused of setting deadly 2016 Tennessee fire

    A charred bird cage sits in the smoldering remains of a home in the wake of a wildfire last November in Gatlinburg, Tennessee. They called the case "an unfortunate rush to judgement". "People aren't looking for scapegoats; they're looking for answers".
    US Treasury sanctions Chinese bank for illegal N.Korea activity

    US Treasury sanctions Chinese bank for illegal N.Korea activity

    It cited a United Nations expert panel as saying the company has violated a ban on trade in luxury goods with the North. Photo Steven Mnuchin , the Treasury secretary, discussed the sanctions in a briefing at the White House on Thursday.
    America's Cup Match Day Two To Get Underway

    America's Cup Match Day Two To Get Underway

    That break, and Oracle's ability to keep innovating proved the impetus behind the U.S. team's stunning comeback. Let's end with an old cup saying: "The America's Cup has already been won, we just don't know who it is yet".
  • President Trump Calls on Congress to Pass Bills Aimed at Undocumented Immigrants

    President Trump Calls on Congress to Pass Bills Aimed at Undocumented Immigrants

    He reportedly told authorities that he had intentionally settled in San Francisco because it was a "sanctuary city". The bill enhances penalties for convicted and deported criminals who reenter the United States illegally.
    Federer lifts ninth Halle Open title

    Federer lifts ninth Halle Open title

    He earned a second break point with some deft volleying, which he pounced on to race through the first set in 24 minutes. But Zverev, ranked No. 12, had no answer for Federer's aggressive play and near flawless execution.
    Rockets Mike D'Antoni Named NBA Coach Of The Year

    Rockets Mike D'Antoni Named NBA Coach Of The Year

    Prior to that, he won more than 500 games over a 30-year period as the head coach at Socastee High School in Myrtle Beach, S.C. D'Antoni was announced as the victor of NBA's Coach of the Year award Monday during the league's award show on TNT.
  • Police respond to active shooter situation at NY  hospital, suspect dead

    Police respond to active shooter situation at NY hospital, suspect dead

    A gunman who opened fire at the Bronx-Lebanon Hospital here, has been killed, media reports said. NY police urged the public to avoid the area around the hospital at 1650 Grand Concourse.
    Chile gear up for tough Confed Cup semi-final against Portugal

    Chile gear up for tough Confed Cup semi-final against Portugal

    The bright mood of Broos last week gave way to a darker outlook Sunday after a 3-1 loss to Germany . A whole array of players has driven the team to the top of European football.
    American Student Freed By North Korea Arrives Home

    American Student Freed By North Korea Arrives Home

    North Korea repatriated a sick USA citizen it had held captive for 17 months, and Dennis Rodman arrived with fanfare in Pyongyang. Richardson said his center in Sante Fe, N.M. received a call Tuesday from the Warmbiers with an update on their son's condition.
  • New Zealand reach match point against U.S.  in America's Cup final

    New Zealand reach match point against U.S. in America's Cup final

    Even with the wide margin in Race 5, Oracle Team USA looked faster than it did in getting humbled in four races last weekend. The Americans fought back from 8-1 down in 2013, winning eight successive races under Spithill to retain the Auld Mug.
    Average True Range of Brandywine Realty Trust (NYSE:BDN) stands at0.27

    Average True Range of Brandywine Realty Trust (NYSE:BDN) stands at0.27

    Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. The Company conducts its business through First Potomac Realty Investment Limited Partnership, its operating partnership.
    Nintendo reveals classic SNES console

    Nintendo reveals classic SNES console

    There are also two of the aforementioned Star Fox games and two Kirby games, "Kirby Super Star" and "Kirby's Dream Course". Everyone's excited about the SNES Classic Edition , what with its twee 90's look and fantastic selection of games .