The entire nation is gearing up to deal with the consequences of the rollout of the Goods and Services Tax (GST) — a move that will usher in a new tax regime for the country.
Once it is implemented, GST will subsume all indirect levies such as entertainment tax, central sales tax and value added tax and others.
The rollout will formally take place at the Central hall of Parliament in New Delhi from 11 pm IST on Friday, June 30, 2017. The hall had last been used on the occasion of 50 years of India's Independence in 1997.
What is GST?
GST is a destination-based tax, which means the tax will be imposed only at the point of consumption or purchase. According to the government, this "benefits the industry through better cash flows and better working capital management."
Decision on all matters on the regime will be taken by the GST Council, the apex decision-making body that finalises rates on goods and services, apart from other crucial matters. The council is headed by the Union finance minister and includes state finance ministers.
The rate of tax under the GST regime can go up to 28 percent. Goods and services will attract Central GST or State GST, depending on the classification. Inter-state supply of goods and services will attract Integrated GST, or IGST.
See some of the rates applicable in the slideshow here:
Where to watch live
All government launches are usually telecast on Doordarshan (DD). More specifically, they are telecast on DD National.
However, that will not be the case this time because of the third ODI between India and West Indies being telecast on DD National.
The GST rollout will be telecast live from Delhi on Lok Sabha TV. It is also expected to be telecast live on the YouTube channel of the Ministry of Information and Broadcasting.
However, you can watch the entire live telecast right here: