President welcomes GST, thanks PM, Jaitley

Welcoming the introduction of Goods and Services Tax (GST) from July 1, President Pranab Mukherjee on Thursday thanked Prime Minister Narendra Modi and Finance Minister Arun Jaitley on the introduction of a single tax for the 130 crore people in the country.

Mr. Mukherjee, who was addressing a Global Summit organised by The Institute of Cost Accountants of India in the city, said that with different kinds of taxes in the country, a consumer had to pay 30 to 40% more on the cost of production of goods or services.

He, however, added that the GST could not be imposed on the people. “We delayed [the implementation of GST] to change with consent. To get people along with us, to accommodate various opinions in the democratic process,” he said.