Hours after the midnight launch of India’s biggest tax reform, the Good and Services Tax (GST), Prime Minister Narendra Modi will be headed to Delhi’s Indira Gandhi stadium on Saturday where he will address members of the Institute of Chartered Accountants of India.
At a glittering function Friday night in Parliament’s Central Hall, President Pranab Mukherjee and Prime Minister Modi, cheered on by some of the country’s top names in politics, business and law, pressed a button to launch GST.
“GST is simple, transparent and will end corruption and black money,”said Modi.
At the Indira Gandhi stadium, Modi is expected to talk about the benefits of the GST and how it impact the Indian economy. He will also roll out a new chartered accountancy course on GST.
Below are the live updates:
7.57pm: People talk of the big 4 accounting firms. Sadly, there is no Indian firm there. By 2022, let us have a big 8, where 4 firms are Indian: PM Modi.
7.55pm: ‘Tax return’ is something that ultimately benefits the citizens of the country. This is the money that helps the elderly, the poor, and our jawans: PM Modi.
7.45pm: Your signature is more powerful than PM’s and government also believes the accounts signed by you: PM Modi to CAs.
7.42pm: CAs must give the right advice to their clients to ensure black money and corruption are kept in check: PM Modi.
7.40pm: Today, the country begins a new economic journey, the principle of one nation, one market, one tax is a reality now.
7.39pm: PM Modi asks CAs why action has been taken against only 25 of them for irregularities, while over 1,400 cases are pending for many years.
7.37pm: Govt committed to more tough action against firms helping in hiding black money; we are not concerned about political implications: PM Modi
7.35pm: According to IT returns, only 32 lakh people earn more than Rs 10 lakh. Is this believable? asks PM Modi.
7.30pm: If you know anyone with black money, warn them that they will not be spared: PM Narendra Modi to CAs
7.28pm: People with black money will face more difficulties when Switzerland begins automatic information exchange with India in 2 yrs: PM Modi
Those who have looted the poor will have to give back what they have looted: Modi
7.25pm: Govt has identified more than 47,000 shell companies: PM Modi
7.22pm: Data mining after demonetisation has been going on. Transactions of over 3 lakh registered companies have come under scrutiny, this number could increase: PM Modi