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Introduction of GST is momentous event; success would depend on effective implementation, says President Mukherjee
At the special function organized to launch the Goods and Services Tax (GST) in the midnight of June 30- July 1, at the Central Hall of Parliament House in New Delhi, President Pranab Mukherjee called the introduction of GST a 'momentous event' and expressed happiness that it would be administered through a 'modern world-class information technology (IT) system', said an official release.

Appreciating GST, Mukherjee said that buyers would get credit for tax paid on inputs only when the seller has actually paid taxes to the government, thereby, creating a strong incentive for buyers to deal with honest and compliant sellers who pay their dues promptly.

He suggested that the initial teething problems would have to be solved 'with understanding and speed to ensure that it (GST) does not impact the growth momentum of the economy' and 'success of such major changes always depends on their effective implementation'.

In the months to come, based on the experience of actual implementation, the GST Council and the Central and State Governments should continuously review the design and make improvements, in the same constructive spirit as has been displayed till now, stated the release.

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