Finance Minister Arun Jaitley on Tuesday said the Goods and Services Tax (GST) will be rolled out from midnight of June 30 in the presence of several dignitaries including President Pranab Mukherjee, Vice President M.Hamid Ansari and Prime Minister Narendra Modi, besides other luminaries.
Addressing media, Jaitley said that he anticipated that the uniform tax system would help generate revenue and strengthen the Gross Domestic Product (GDP).
While asserting that post the GST roll out in the medium and long term, the spending capacity of Centre and states would increase, Jaitley predicted short term challenges for all sections of society.
"We anticipate over the medium and the long term, being a more efficient system which is prone to checking evasion, the revenues will grow. The spending capacity of the government at the Centre and the states will increase. Consequently, it should have a positive impact on the GDP. We must be prepared for short term challenges on the GST rollout," Jaitley said.
He also cautioned that states not implementing the GST from July 1, could face challenges and problems.
Elucidating the chronology of the programme organised to launch the tax system, Jaitley said the launch would take place at midnight, which will be followed by the address of President Pranab Mukherjee and Prime Minister Narendra Modi.
Vice President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan, all members of parliament and the GST Council, chief ministers, officials who have assisted in the whole process, the chairpersons of the empowered committees and former prime ministers Manmohan Singh and H.D. Deve Gowda will be present at the event.
"Late on June 30, a programme will be organised in the Central Hall of Parliament. The launch will take place exactly at midnight when the switchover takes place," said Jaitley.
"There will be a brief function of about one hour where the Prime Minister and the President will speak on the subject and there are two short films on the subject of GST which have been prepared which will be screened," he added.