Hours after the midnight launch of India's biggest tax reform, the Good and Services Tax (GST), Prime Minister Narendra Modi will be headed to Delhi's Indira Gandhi stadium on Saturday where he will address members of the Institute of Chartered Accountants of India.
At a glittering function Friday night in Parliament's Central Hall, President Pranab Mukherjee and Prime Minister Modi, cheered on by some of the country's top names in politics, business and law, pressed a button to launch GST.
"GST is simple, transparent and will end corruption and black money,"said Modi.
At the Indira Gandhi stadium, Modi is expected to talk about the benefits of the GST and how it impact the Indian economy. He will also roll out a new chartered accountancy course on GST.
Below are the live updates:
7.57pm: People talk of the big 4 accounting firms. Sadly, there is no Indian firm there. By 2022, let us have a big 8, where 4 firms are Indian: PM Modi.
7.55pm: 'Tax return' is something that ultimately benefits the citizens of the country. This is the money that helps the elderly, the poor, and our jawans: PM Modi.
7.45pm: Your signature is more powerful than PM's and government also believes the accounts signed by you: PM Modi to CAs.
7.42pm: CAs must give the right advice to their clients to ensure black money and corruption are kept in check: PM Modi.
7.40pm: Today, the country begins a new economic journey, the principle of one nation, one market, one tax is a reality now.
7.39pm: PM Modi asks CAs why action has been taken against only 25 of them for irregularities, while over 1,400 cases are pending for many years.
7.37pm: Govt committed to more tough action against firms helping in hiding black money; we are not concerned about political implications: PM Modi
7.35pm: According to IT returns, only 32 lakh people earn more than Rs 10 lakh. Is this believable? asks PM Modi.
7.30pm: If you know anyone with black money, warn them that they will not be spared: PM Narendra Modi to CAs
7.28pm: People with black money will face more difficulties when Switzerland begins automatic information exchange with India in 2 yrs: PM Modi
Those who have looted the poor will have to give back what they have looted: Modi
7.25pm: Govt has identified more than 47,000 shell companies: PM Modi
7.22pm: Data mining after demonetisation has been going on. Transactions of over 3 lakh registered companies have come under scrutiny, this number could increase: PM Modi
Over 3 lakh registered companies are under the radar for demonetisation: PM Modi— Hindustan Times (@htTweets) July 1, 2017
7.20pm: Swach Bharat and operation clean money to go hand in hand: PM Modi.
7.18pm: November 8 was a day that everybody remembers. The work load of CAs increased manifold after that: Modi.
7.15pm: If some people in the society have the habit of stealing, then the country can't move ahead, says PM Modi.
7.10pm: Swiss Bank has stated that there has been a 45% drop in the deposit by Indians, the lowest ever in years: PM Narendra Modi
Two years from now when Swiss Banks start giving real time data, people who deposited money in foreign banks will face tough time: Modi.
7.08pm:
India's Chartered Accountants are recognised in the world for their understanding and exceptional financial skills: PM Modi— Hindustan Times (@htTweets) July 1, 2017
7.05pm: A doctor prescribes what is good for you..similarly economy must also be healthy and to ensure that chartered accountants have a big role to play: PM Modi.
CAs are known for their financial skills and the new CA course will strengthen that skillset even more, says PM while launching the new syllabus.
7pm: From today the journey of GST which is good and simple tax has begun in India: PM Modi.
The foundation day of ICAI also marks the beginning of a new economic chapter in India's history:
6.50pm: Prime Minister Narendra Modi to address the gathering shortly on GST implementation.
6pm: India should have a "new normal" with citizens ready to pay the taxes they need to pay and a new mindset to move from a developing nation to a developed one: finance minister Arun Jaitley.
5.35pm: Even the media persons, who had come to cover the function, were stranded as they could not enter the venue, reported PTI.
5.30pm: Narendra Modi is expected to arrive at 6pm. He will then launch a new syllabus for ICAI.
5.20pm: Chaos and confusion reigned supreme at the Chartered Accountants Day celebrations organised by the Institute of Chartered Accountants of India in Delhi.
Several chartered accountants (CAs) shouted slogans against the government as they were not allowed to enter the Indira Gandhi Indoor Stadium, the venue of the event.
5pm: Besides Modi, the other invitees include finance minister Arun Jaitley and revenue secretary Hasmukh Adhia.
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