With the Goods and Services Tax (GST) set for a July 1 roll-out, Prime Minister Narendra Modi on Monday reviewed the preparations of the new indirect tax regime and said it will be “a turning point” in the country’s burgeoning economy. Calling it as an “unprecedented” moment in India’s history, the prime minister stated that the creation of the one-nation, one-market and one-tax system would greatly benefit the common man.
Taking stock of various elements involved in the roll-out, Modi directed the officials to give maximum attention to cyber-security in IT systems linked to the GST, the Prime Minister’s Office (PMO) said in a statement. The prime minister also said the implementation of GST from July 1 is the culmination of the concerted efforts of all stakeholders, including political parties, trade and industry bodies, it added.
This was the first review by the prime minister after the GST Council finalised the rates, and the second since May 2. The meeting was attended by Finance Minister Arun Jaitley, and top-most officials from the Ministry of Finance, the PMO and the Cabinet Secretary. During the meet, the prime minister specifically reviewed aspects of implementation such as IT readiness, HR readiness, training and sensitisation of officers, query handling mechanism, and monitoring, the statement said, adding that GST systems will be in readiness well in time for the July 1 implementation date.
Earlier, the GST Council had finalised tax rates on almost all goods and services. It will meet again on June 11 to review some of the rates and discuss other pending issues. Touted as the single-biggest taxation since independence, the GST will absorb 16 different taxes, including excise, service tax and VAT, and make India a single market for seamless movement of goods and services.
With PTI inputs