After the historic Goods and Services Tax (GST) became a reality, Union Civil Aviation Minister Ashok Gajapati Raju on Saturday said it will help in the economic rejuvenation of this country.
Talking to ANI, Raju said the petroleum products such as petrol, diesel and aviation turbine fuel have been kept out of the GST as of now and the decision on it will be taken later.
"We have to keep the Civil Aviation Sector at the side for a moment because the states didn't want the petroleum products and the intoxicants to come under the GST. So, there will be no advantages for this sector. It is good for the country. We are anticipating help in the economic rejuvenation of this country. There are advantages and disadvantages but if you look at the overall structure in the economy, it is good," he added.
The biggest ever tax reform in the country's history, the GST came into effect from midnight.
Speaking on the occasion, President Mukherjee said, launch of GST is a momentous occasion for all in the country.
The President said, GST is a tribute to the maturity and wisdom of India's democracy. Mr Mukherjee said, the new era in taxation, is the result of a broad consensus arrived at between the Centre and states.
Prime Minister Narendra Modi termed the GST as a good and simple tax which will end harassment of traders and small businesses while integrating India into one market with one tax rate.
The Prime Minister said the GST will besides being a transparent and fair system that will end generation of black money and corruption, GST will promote new governance culture that will end harassment at the hand of tax officials.
In his address, Finance Minister Arun Jaitley said, after the launch of the GST, it will be an India where the centre and states will work together towards the common goal of shared prosperity. He said, the old India was economically fragmented and the New India will create "One Nation One Tax One Market."
The Finance Minister said it is a journey where India will wake up to limitless possibilities, to expand its economic horizons and loftier political vision.