Washington: The Goods and Services Tax (GST), touted to be India’s greatest tax change since Independence, has discovered a supporter in US President Donald Trump, who revealed to Prime Minister Narendra Modi, it (GST) was “the largest tax overhaul in your country’s history”.
“In just two weeks, you will begin to implement the largest tax overhaul in your country’s history — were doing that also, by the way — creating great new opportunities for your citizens,” Trump said in his joint press conference at the White House in the wake of holding converses with Prime Minister Narendra Modi.
Trump said together, the US and India can help diagram an idealistic way into the future, one that unleashes the energy of new technology, new foundation, and the eagerness and fervour of extremely persevering and exceptionally unique individuals.
He might want a trading relationship that is “fair and reciprocal.” He communicated his astuteness to team up with PM Modi on building up a fair trading connection between the two countries and required the expulsion of “barriers” for the export of US goods into Indian markets.
The intense GST Council, including Center and states, has suggested a four-level tax structure – 5, 12, 18 and 28 percent. On top of the most elevated slab, a cess will be forced on extravagance and faulty goods to remunerate the states for income misfortune in the initial five years of GST usage.
State and Union Territory GST laws were passed by every one of the states and Union Territories of India with the exception of Jammu and Kashmir, making ready for smooth take off of the tax from July 1.