GST reflects the spirit of ‘one nation, one aspiration, one determination': PM

New Delhi: Prime Minister Narendra Modi on Sunday chaired the third meeting of NITI Aayog's Governing Council.

Modi said at NITI meet that vision of ‘New India' can be realised only through combined efforts of all states and chief ministers.

He added, “GST reflects the spirit of ‘one nation, one aspiration, one determination.”

“Consensus on GST will go down in history as a great illustration of cooperative federalism, “Prime Minister said.

Modi also stressed on the need to carry forward the debate and discussion on simultaneous elections.

Prime Minister also asked states to speed up capital expenditure and infrastructure creation.

Modi gave credit to all chief ministers for coming on one platform for GST, keeping aside ideological and political differences.

President Pranab Mukherjee on April 13 gave assent to four key legislations on GST. The government plans to roll out the new indirect tax regime from July 1.

GST, the biggest taxation reform since Independence, will subsume central excise, service tax, Value Added Tax (VAT) and other local levies to create a uniform market.

NITI Aayog's vice-chairman Arvind Panagariya presented a roadmap for the rapid transformation of India by outlining key aspects of the 15-year Vision document, comprising the seven-year strategy document and the three-year action plan.