President and PM Launch India’s Biggest Tax Reform in the Midnight
Goods and Services Tax (GST), India’s biggest tax reform, was launched at midnight at Parliament’s historic Central Hall, by President Pranab Mukherjee and Prime Minister Narendra Modi. By the launching of the new system current tax rates were replaced by GST rates. It is the fourth time since Independence that an event was held there at midnight. The last three celebrated India’s Independence and that is among the reasons that the Congress has listed for boycotting the GST launch. Several other opposition parties too stayed away. GST, which replaces a slew of indirect taxes with a unified tax, is set to dramatically reshape the country’s economy.