Arun Jaitley said GST over medium to long term will lead to higher revenues to the Centre and states. Pic/PTI
The government will not blink on rolling out the GST from July 1, Finance Minister Arun Jaitley said yesterday, emphasising that businesses cannot give any excuse for not being ready as enough time was given to them for preparation.
However, implementation of the Goods and Services Tax (GST), which will unify more than a dozen separate levies to create a single market, may result in "some disruption" and "technological glitches" initially as traders and the smallest of businesses will have to file returns online, he added.
GST, which was originally planned to be implemented from April 1 but was deferred by three months, will be launched at a grand function in the historic Central Hall of Parliament on the midnight of June 30.
The biggest tax reform since Independence, which will gradually re-shape India's business landscape by making the world's fastest-growing major economy an easier place to do business in, would bring down barriers between 30 states and unifying the $2 trillion economy and 1.3 billion people into a single market.
Jaitley said GST over the medium to long term will lead to higher revenues to Centre and states while also increase the size of the economy and have a positive impact on the GDP.
"We should be prepared for that when the switchover will take place. In the short-term, there will be some challenges," he said. "The reform step is for betterment. All reforms initially are seen as disruptive, and in the long run are seen as result yielding reform."
Watch video: Leopard attacks stray dog for breakfast in Mumbai
Download the new mid-day android app to get updates on all the latest and trending stories on the go https://goo.gl/8Xlcvr
Photos: 'Dangal' girls Sanya Malhotra, Fatima Sana Shaikh's dinner outing
Photos: Salman Khan, Daisy Shah spotted at the Mumbai airport
Photos: Rakhi Sawant to play Honeypreet in Ram Rahim biopic
Photos: Arvind Kejriwal asks Kamal Haasan to join politics
Photos: TV actress who played goddesses on the small screen