This implemented by the central government in the midnight at the Parliament's central hall under the eye of India's President Pranab Mukherjee and Prime Minister Narendra Modi along with several Ministers and leaders.
"J&K has a different system because of the Article 370 giving it special status". "The medium-term impact of GST on macroeconomic indicators is expected to be extremely positive, " said the CII, adding that businesses are fully prepared for the rollout.
Ending more than 11 years of hectic argument between the Centre and states, the GST was passed and is now set to completely transform the indirect taxation landscape in the country, involving both central and state levies. The GST will improve the ease of doing business for corporates.
"With GST, the dream of one India, great India, will come true", the prime minister said.
Mukherjee also said in coming months, based on the experience of actual implementation, the GST Council and the central and state governments should continuously review the design and make improvements, in the same constructive spirit.
Besides, Jammu and Kashmir would not get the benefit of the Government of India (GoI's) compensation to states on account of the loss in revenue incurred by implementing GST, he said.
Sturgeon puts plans for second Scottish independence vote on hold
Nicola Sturgeon has announced that she is putting her plans for a second independence referendum on hold for the next year. The First Minister said the Scottish Government would not introduce legislation for another vote "immediately".
Although opposition parties in India have citied reservations about the new tax regime, Finance Minister Arun Jaitley has made a last-minute appeal to the opposition to reconsider their decision.
"We are setting India's roadmap with GST", Modi said. Talking about the initial trouble that people might have to face, the Prime Minister said even eyes have to adjust for a couple of days when a sight corrective spectacles are worn.
"(It) will truly enable us to build a New India", Jayant Sinha, a federal minister wrote in the Times of India.
In the making since 2000, the Goods and Services Tax (GST) finally kicked-in from July 1.
Giving due credit to his allies, opponents and detractors, he maintained, "GST could be crystallized not due to one person or party but due to the collective efforts of all the statesmen".
HSBC estimates the reform could add 0.4 percentage points to economic growth. This was justified when on 8 November 2016, I had the opportunity to give assent to the GST legislation. "Best brains in the country debated over it continuously, that is why we could see the GST roll-out today". "It ends the grey are completely", he said. With the launch of the GST, we are ensuring the progress of the country. Certain goods such as fresh meat, eggs, milk, among others, will not be taxed, according to a list compiled by the Economic Times newspaper.