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Prime Minister Narendra Modi in a gala mid-night function at the Central Hall of Parliament announced the most bold economic reform in indirect taxation nearly similar in way where he had announced demonetisation of high value notes in last November in a televised address. GST goes into effect from today, transforming India into One Nation, One Tax.
India is bracing for its most significant reform in a generation as the world's fastest growing major economy is unified into a single market for the first time with the introduction of the Goods and Services Tax (GST) on July 1. These people were opposed to such economic integration. "For small businesses, we have composition scheme". That's why he was confident that GST will be implemented, he said.
Goods and Service Tax (GST) is now a reality. If the GST is not implemented in the Valley then the local traders and merchants will suffer whereas those neighbouring the state will flourish, ? The minister said the reports of a businessman being burdened with filing 37 returns in a year under the new tax regime are totally unfounded. After Prez speech, President and Narendra Modi pressed the button to officially announce GST rolling. "We have come together tonight at the central hall of parliament", Modi said. Finance Minister Arun Jaitley had earlier said that the reform could help the economy grow by 2%.
However, the People's Democratic Party (PDP) - Bharatiya Janata Party (BJP) Government has claimed that the "special status won't be diluted in any case".
Aggrawal appreciated the new tax system, saying: "It will remove the variation of prices that existed".
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.
Parliament was lit up for the historic midnight launch of the Goods and Services Tax.
PM Modi also thanked all the Parliamentarians for their crucial presence. This was justified when on 8 November 2016, I had the opportunity to give assent to the GST legislation.
"This is the top 1 per cent economic strata of the society, which says they don't know how to operate computer and hence I do not want to pay tax", Arun Jaitley said. "It ends the grey are completely", he said.
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Moto M's battery is rated at 3050mAh and supports fast-charging; the smartphone measures 151.35x75.35x7.85mm and weighs 163 grams. It'll also arriving loaded up with Android 7.0 Nougat and powered by a MT6737 Quad-core 1.3 GHz CPU and 2GB of internal RAM.
Schimel had asked the Supreme Court to delay the drawing of new boundaries until after the court rules on the merits of the case. And in other areas, they said, Republicans packed Democrats into a few districts to limit their ability to control more seats.
The US, Mattis said, in the near-term would be recovering weapons that the group does not need anymore as the battle advances. Syrian activists say an airstrike targeting an Islamic State-run jail in eastern Syria has killed at least 42 prisoners.
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