GST Launch: PM Modi, President Mukherjee launch India's biggest ever tax reform with touch of a button

In a historic moment for Indian economy, the much-awatited India's biggest tax reform, Goods and Services Tax (GST) has been rolled out by Prime Minister Narendra Modi at Parliament's historic Central Hall, in the presence of President Pranab Mukherjee.

The GST, which was slated to roll out on the midnight today, will bring the Indian economy under a single tax bracket.

Addressing the Central Hall of Parliament ahead of the midnight GST rollout, Prime Minister Modi said the scope of the GST is unlimited to financial system, now India will move in a new direction.

"It is not a success of any party or any government. It is the result of everyone's effort. The scope of the GST is unlimited to financial system. Now, India will move in a new direction. With the launch of the GST, we are ensuring the progress of the country. The launch of the GST is not the achievement of a particular party or a particular government; it's a collective achievement," Prime Minister Modi said.

Asserting that the GST is an example of strength of 'Team India', Prime Minister Modi said it is setting India's roadmap as it is becoming a reality tonight.

"I welcome you all to this launch ceremony. I express my gratitude. "Central Hall was always the most sacred place to launch the GST. The GST is a system that will allow states and the centre to work together towards a new India. And GST will be an important aspect of a new India," he added.

Congratulating the GST council and all those who took the tax reform forward, Prime Minister Modi said whoever forms the future governments, they will abide by the pro-poor principal of the GST.

"On November 1949, it was this place, where the Constitution was adopted. And now, we have gathered again at this sacred place for GST rollout. There could not have been a more sacred place," he said.

Highlights of historic launch of GST:

* GST is a disruptive change no doubt. It is similar to introduction of the VAT, when there was initial resistance: President Mukherjee

* GST is not only a tax reform but also a step towards economic reform, towards social reform: PM Narendra Modi

* This historic moment is the culmination of 14 year long journey which began in December, 2002: President Pranab Mukherjee on GST

* Unanimous support&consensus based work of GST Council highlights India can rise above politics&speak in one voice for national interest: FM

* The old India was economically fragmented, the new India will create one tax, one market and for one nation: FM Arun Jaitley #GST

* FM Jailtley at GST launch: " GST Council met 18 times, and there was never any need for voting, because of the unanimity"

* GST sees centre and state pool their sovereignty: Finance Minister Arun Jaitley

* GST is an important achievement for the whole country: FM Arun Jaitley