New Delhi, June 30: In a historical move, India’s tax regime will see an overhaul at midnight tonight when the Narendra Modi government launches the Goods and Services Tax (GST). In a mega midnight event at Parliament, President Pranab Mukherjee will bring GST into effect in the presence of PM Modi, Finance Minister Arun Jaitley and big names from India Inc including Ratan Tata. For the mega event, Parliament building has been lit up with 22,000 bulbs in what is being called Jashn-e-GST. There is also tight security outside Parliament as the government gets ready to implement what is being called ‘One Nation One Tax’. Also Read - CAIT Announces Nationwide Movement Against New Amendments in GST and E-Commerce

The Goods and Services Tax launch event is set to begin at 11 PM on June 30 at the Central Hall of Parliament. Bollywood superstar Amitabh Bachchan, ‘Metro Man’ E Sreedharan, singer Lata Mangeshkar, RBI Governor Urijit Patel, for RBI governor Raghuram Rajan, Chief Election Commissioner Nasim Zaidi are among the other expected attendees. The event is likely to end at around 00:10 AM after a speech by President Pranab Mukherjee. Also Read - Bharat Bandh Today Against GST, Petrol Price Hike, E-way Bill: What to Remain Shut, What’s Not | All You Need to Know

Opposition parties including Trinamool Congress, Congress, Left parties and the DMK are likely to skip the GST launch event as they have officially boycotted it. Former prime minister Manmohan Singh, who was reportedly personally invited by Arun Jaitley, is also likely to follow party line and not attend the GST launch event. Bihar Chief Minister Nitish Kumar is also likely to skip the launch. However, reports say that the Samajwadi Party will attend the event. Also Read - Bharat Bandh on 26 February 2021: Over 8 Crore Traders to Protest Against GST, Fuel Price Hike and E-Way Bill

The GST, being implemented with 4 slabs – 5 per cent, 12 per cent, 18 per cent and 24 per cent, is an indirect tax that replaces all other indirect taxes existing in India like VAT, entertainment tax, service tax etc. Here is more about GST.

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