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Midnight Parliament central hall event to mark GST rollout

Press Trust of India  |  New Delhi 

The historic Central Hall of will host a midnight function on June 30 to launch the sweeping reform of GST, reminiscent of India's tryst with destiny on the midnight of August 15, 1947.\

The will use the circular-shaped Central Hall, perhaps for the first time, to launch a new taxation system that is set to dramatically re-shape the over USD 2 trillion economy.


The launch event will in all probability start at 11 pm on June 30 and extend into midnight, coinciding with the rollout of the Goods and Services (GST) regime, official sources said.

A gong will be sounded at midnight to signify that has arrived.

Prime Minister Modi will be the key speaker at the function where President is also being invited.

The Bill was originally piloted by Mukherjee when he was the Minister in the previous regime.

Former Prime Minister would also occupy the high table along with another former prime minister H D Deve Gowda in the Central Hall during the event.

Chief Ministers of all states will be invited for the event as represented an unprecedented exercise in fiscal federalism, sources said, adding Council members will be the guests.

The Council, that brings together the central and state governments, has met 17 times to thrash out how the will work.

Originally, the launch of GST, which has been in works for over a decade, was to be done from Vigyan Bhawan -- the largest convention centre in the national capital that has hosted majority of the meetings of the Council.

But the historic Central Hall was thought to be a better choice considering the importance of the new code that unifies more than a dozen separate levies to create a single market with a population greater than the US, Europe, Brazil, Mexico and Japan put together.

will simplify a web of taxes, regulations and border levies by subsuming an array of central and state levies including excise duty, service and VAT.

It will gradually re-shape India's business landscape, making the world's fastest-growing major economy an easier place to do business.

has been dubbed as the most significant economic reform since BJP came to power in 2014 and is expected to add as much as 2 percentage points to the GDP growth rate besides raising revenues by widening the net.

A four-rate structure that exempts or imposes a low rate of of 5 per cent on essential items and top rate of 28 per cent on cars and consumer durables has been finalised. The other slabs of are 12 and 18 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 19 2017. 18:03 IST
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