The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday passed a resolution thanking chief ministers and finance ministers from all the states as well as political parties for extending cooperation for the introduction of GST.
"GST is a shining example of national integration and of fiscal federalism at its best. It is a testimony to the working of India's federal democracy. It has been made possible because of close cooperation between Central Government and all the State Governments as well as all political parties," an official statement said.
No doubt it is a game-changer... in the long run... but can the mighty political class... claim any credit... after dilly dallying it for over a decade... nation suffering huge unimaginable mega-buck... Read More Ssundararaman
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The Centre has worked closely with the states over the last three years to ensure that GST is rolled out from July 1. The insistence that all decisions in the GST Council will be taken by consensus meant that the original deadline was missed but everyone came on board on all aspects, including the revised launch date. The cabinet also thanked lawmakers at the Centre and the states, who had approved several legislations, including amendment to the Constitution to make GST possible.
"GST is the biggest tax reform in independent India. It is one of the most sweeping indirect tax reforms in any federal polity in the world," it said.