Deepak Babu: GST (Goods and Service Tax) launched on july 1 st at 12:00 AM

GST (Goods and Service Tax)

India launched its greatest tax reform since independence - Goods and Services Tax (GST) on midnight of Friday. Stay with TOI for all the live updates from the launch event

A bill receipt of Haldiram's outlet in Cross River Mall, New Delhi

12:20 PM (IST)

A resident shares his first bill receipt (post GST) of buffet breakfast at a luxury restaurant inside a hotel in Mysore

Citizens from across the country share their experiences post GST launch. A Mangalore resident shares a bill receipt where no GST was charged for fresh fish

11:14 AM (IST)

Top leaders industrialists, cine stars mark GST launch

Top leaders, industrialists, economists and celebrities on Friday descended to witness the launch of landmark GST at the historic Central Hall of Parliament which opened for a midnight ceremony for the first time in two decades. President Pranab Mukherjee, who piloted the first constitutional amendment for unifying more than a dozen central and state taxes, shared a specially erected dais in the circular hall with Prime Minister Narendra Modi and Vice- President Hamid Ansari.

As India wakes up to a new tax regime, here is a quick guide to all the goods and services and their respective tax slabs

Before GST: Ten measures that changed India’s economy

The landmark Goods and Services Tax, which was rolled out as soon the clock chimed midnight on Saturday, was touted by many as the biggest tax reform in Indian history, promising a stronger economy and less corruption. Before GST, there were several monumental fiscal reforms introduced by the government over the years which shook up India's economy. Read on to know more about some major measures..

GST launch: A comprehensive list of goods and services which have become cheaper and costlier

GST will be a bit like getting used to new specs: PM Modi

His skills honed by managing public expectations over demonetization, PM Narendra Modi cautioned the nation that adjusting to GST would be a bit like getting used to a new pair of spectacles. "Even if you have a trusted doctor who does numbers for your glasses, you always need a couple of days to get used to a new set of spectacles," he told an assembly of politicians and celebrities in Parliament's Central Hall on Friday.

WATCH: New India will create one tax, one nation and one market, Jaitley says

12:54 AM (IST)

President Pranab Mukherjee and Prime Minister Narendra Modi press buttons for the launch of 'Goods and Services Tax (GST)' at midnight

(PTI)

WATCH: GST rollout is a mark of cooperative federalism, says PM Modi

Introduction of GST is a momentous event for the nation: President

One nation, one tax. India's historic GST comes into effect

GST launched in Central Hall of Parliament at midnight, July 1.

National anthem plays in Parliament.

Finance minister Jaitley requests President, Prime Minister and others to gather up on stage for the launch. A button will be pressed and GST will be officially launched.

The GST Council and states should continuously review and make improvements to the mechanism with the same spirit of constructive criticism: President

I congratulate the GST council for this achievement. They have surprised us by completing this task: President

GST will make our exports more competitive, says President Mukherjee. Says the taxation right now is not transparent.

GST is a tribute to the maturity and wisdom of our democracy

Pranab Mukherjee

The new era of taxation that we are about to embark on in a few minutes is a story of broad consensus: President

Introduction of GST is a momentous event for the nation: President Pranab Mukherjee

It had many issues of contentions. But I was confident that GST was a matter of time and that gradually it will be implemented, says President Mukherjee

It is a moment of personal satisfaction for me. As a finance minister, I moved the Constitutional amendment of GST and had been deeply involved in its journey: President Mukherjee

GST rollout is a culmination of 14-year-long journey

President

President Mukherjee addresses Parliament, shortly before the launch at midnight.

GST is not only ease of doing business, but a way of doing business

PM Modi

PM Modi describes GST as 'Good and Simple Tax'

GST is not a mere 'tax reform'. It is an economic reform that will soon become a social reform as well: PM Modi

GST will play an important role in realising the dream of a 'New India, says PM Modi

GST is a catalyst that will reduce the imbalance that prevails in our economy: PM Modi

This mechanism will help us reach out to the poor. There will be no 'kacha bill' and 'pakka bill' from tomorrow, says PM Modi.

After 70 years of independence, there is still a lot that is yet to reach the poor of the country. GST will help us in that direction: PM Modi on GST rollout

Different taxes confused foreign investors, we are getting rid of that: PM

GST will be a mechanism that would check the corrupt and give opportunities to the honest. It will also give us an opportunity to us for better governance: PM Modi

We are getting rid of a plethora of economic hurdles and hindrances with GST: PM

GST has united country the way Sardar Patel had done post independence, says PM Modi in Parliament's Central Hall

From Ganganagar to Itanagar, from Leh to Lakshadweep, there will be one nation and one tax