Midnight Parlt Central Hall event to mark GST rollout

Midnight Parlt Central Hall event to mark GST rollout

It will be an hour-long function, which will be addressed by the Prime Minister and the President, he said.

A special midnight session of Parliament on June 30 has been proposed by the government to mark the roll out of the Goods and Services Tax (GST). The official switch-over to the GST will happen at midnight of June 30, 2017, Finance Minister Arun Jaitley said on Wednesday.

Amid requests by states like West Bengal to delay the July 1 launch, the Finance Minister has been stressing that the reform would be rolled out as scheduled, but companies will be allowed to file late returns for the first two months so that they can adapt to a new online filing system.

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

Those who have been invited to be on the dias include President Pranab Mukherjee, vice-president Hamid Ansari, Prime Minister Narendra Modi, Lok Sabha Speaker and former prime ministers Manmohan Singh and H.D. Deve Gowda. "The size of the formal economy should also increase".

Reacting on the speculations of GST rollout's impact of the economic growth and GDP, the finance minister confessed that "in short term, there will be some challenges in switchover".

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 GST Council.

Jaitley said that most states had accepted the amendments made to the act and had already paved way for its implementation.

He further said the process of registration on the GSTN is going on smoothly. He said Kerala will do that in a week.