Still Confused About GST? Watch The Quint Live With Tax Expert Sharad Kohli
Micro, Small and Medium Scale Traders Will Suffer Huge Losses: P Chidambaram
Reacting harshly to the GST launch, former Finance Minister P Chidambaram said that it is not the original GST that experts had drafted and this will seriously impact inflation.
“Same BJP when in opposition had protested against the GST tooth and nail. No one can deny this fact, ” he said.
People Confused About Taxes in Bills
On the first day of the new tax regime, some confused people shared their first bills online. People seemed to be confused about the two taxes they have been charged. However, the GST rate on food in restaurants is going to be 18 percent. While a part goes to the state and the other goes to the Centre. The two taxes mentioned in the bills are simply a the GST divided into two.
As India enters a new tax regime under the Goods and Services Tax (GST) from 1 July, common people, politicians and heads of major companies give their reactions to it. While some praised it, others seemed to believe that it might not be as promising as the government claims it to be.
India's biggest tax reform since Independence was rolled out past midnight Friday in the precincts of the hallowed Central Hall of Parliament to usher in a new indirect tax regime in an event that sought to evoke memories of the famous 'Tryst with Destiny' night the country got freedom in 1947.
A minute after the stroke of midnight, President Pranab Mukherjee and Prime Minister Narendra Modi pressed a button to signal the launch of the new indirect tax regime on a digital screen with "GST" emblazoned on it in a golden hue.
GST: Shops Shut in Protest, Restrictions in Parts of Kashmir
Most of the shops and other business establishments were shut across Kashmir on 1 July to protest against GST in the state, prompting authorities to impose restrictions on the assembly of people in parts of Srinagar as a precautionary measure.
The shutdown call was given by Kashmir Traders and Manufacturers (KTMF).
The traders and the opposition parties claim the new tax regime would lead to erosion of the special status of Jammu and Kashmir guaranteed by Article 370 of the Constitution.
However, public usual traffic can be seen on the roads.
KTMF had yesterday called for a general strike in the Valley, saying GST, in its present form, would lead to erosion of the fiscal autonomy of Jammu and Kashmir and was not acceptable to the people of the state.