Highlights of ABP News' GST Summit

Union Minister Nitin Gadkari in ABP News' GST Summit.

New Delhi: As the countdown to implementation of GST has begun, various Union Ministers , including Finance Minister Arun Jaitley gave their expert opinions and views on the much awaited "One country one tax" system at ABP News' GST summit on Tuesday. Here are major takeaways:

#GST will rewrite the history of Indian economy. Multiple taxes, octroi will now be history. Big help to industry: @PiyushGoyal #1देशएकटैक्स pic.twitter.com/q9lgcy29u8

— কাঞ্চন গুপ্ত (@KanchanGupta) June 27, 2017

• GST will bring in more investment,will increase growth rate: Niti Aayog Vice-Chairman Arvind Panagariya

Flaws in #GST rates - eg, 28% on irrigation tech & prosthetics for divyang which is absurd; have written to FM: @nitin_gadkari #1देशएकटैक्स — কাঞ্চন গুপ্ত (@KanchanGupta) June 27, 2017

#GST means inspector raj se mukti, bhrashtachar se mukti, taqleef se mukti: Infra Minister @nitin_gadkari #1देशएकटैक्स @abpnewstv pic.twitter.com/aJBZGOsfxL — কাঞ্চন গুপ্ত (@KanchanGupta) June 27, 2017

• There will be initial confusion for a month due to the new tax system but there's nothing to panic: Gadkari
• Better mobilisation of resources under #GST is good news for States as they will get more funds, explains CM Chouhan

#1देशएकटैक्स will spur economic growth & job creation. #GST protects poor. In MP we're helping traders cope with change: CM @ChouhanShivraj — কাঞ্চন গুপ্ত (@KanchanGupta) June 27, 2017

States will come to an agreement on petro products within #GST in due course: CM @ChouhanShivraj As issues rise, will resolve. #1देशएकटैक्स — কাঞ্চন গুপ্ত (@KanchanGupta) June 27, 2017

#GST will help States, manufacturers, traders, masses: CM @ChouhanShivraj Says it is the best thing ever happened. Common man will benefit. — কাঞ্চন গুপ্ত (@KanchanGupta) June 27, 2017

Speaking now on States and #GST -- CM @ChouhanShivraj calls #1देशएकटैक्स a "second azadi" after Independence on August 15, 1947 @abpnewstv pic.twitter.com/AIFTx7gTfQ — কাঞ্চন গুপ্ত (@KanchanGupta) June 27, 2017

It will be easy to do business in India with #1देशएकटैक्स; MP CM Shivraj Singh Chouhan

It will be easy to do business in India with #1देशएकटैक्स; MP CM @ChouhanShivraj https://t.co/JQJlKZeiOk pic.twitter.com/8NYARmdjQR — ABP News (@abpnewstv) June 27, 2017

Why should taxpayers money be spent on running on airlines instead of hospital & school @arunjaitley on #airindia privatization @abpnewstv — milind khandekar (@milindkhandekar) June 27, 2017

#1देशएकटैक्स @arunjaitley explains GST in the easiest way for small scale traders pic.twitter.com/SJxzgyAXAc — ABP News (@abpnewstv) June 27, 2017

GST Sammelan: @arunjaitley shares history behind GST's implementation #1देशएकटैक्स pic.twitter.com/RBkXhzS0YE — ABP News (@abpnewstv) June 27, 2017

. @arunjaitley explains varying percentage of GST levied on personal care products #1देशएकटैक्स pic.twitter.com/TtsP7Tz8V4 — ABP News (@abpnewstv) June 27, 2017

Those who think reforms aren't happening must be reading just @TheEconomist magazine @arunjaitley @abpnewstv #1देशएकटैक्स — milind khandekar (@milindkhandekar) June 27, 2017

State Governments didn't agree on getting petroleum products under GST, @arunjaitley #1देशएकटैक्स — milind khandekar (@milindkhandekar) June 27, 2017

• Inflation won't rise since GST will be lesser than previous tax rates: Jaitley
• Post September 15, 2017, Centre won't be able to collect excise, service tax, States can't collect VAT: Jaitley
• Traders, manufacturers and restaurants with an annual turnover of  Rs 20 lakh to Rs 75 lakh can opt for the composition scheme and pay tax at one per cent, two per cent and five per cent respectively: FM Jaitley
• FM Arun Jaitley begins his introductory speech on GST. Watch LIVE

Along with Finance Minister Arun Jaitley, Union Minister Nitin Gadkari, Madhya Pradesh CM Shivraj Singh Chouhan and Niti Aayog Vice-Chairman Arvind Panagariya will help resolve their queries regarding GST implementation. Touted as the biggest taxation reform since Independence, GST will unify 16 different taxes including excise, service tax and VAT, and come into effect from July 1.