GST launched on July 1: Top quotes from President Pranab Mukherjee's speech

India on Saturday at midnight launched its biggest ever tax reform- the Goods and Service Tax. President Pranab Mukherjee along with Prime Minister Narendra rolled out the GST in a special function held at the historic Parliament Central Hall.

President Mukherjee, just before formally launching India's centralised tax model, addressed a special fuction in the Parliament organised to launch GST.

During the address, the President said that the introduction of GST is a momentous event for the nation. It was also a moment of some satisfaction for him because, as the Finance Minister, he had introduced the Constitution Amendment Bill on 22nd March 2011.

As it happened: President Mukherjee, PM Modi launch Goods and Service Tax in India

Here are the top quotes from President Mukherjee's address:

# This historic moment is the culmination of 14-year long journey which began in December 2002.

# It is remarkable that 18 meetings held so far, all decisions have been taken by consensus in the council.

# GST will make India's exports more competitive and provide level-playing field to domestic industry to compete with imports.

# GST will act as a major boost to economic efficiency, tax compliance and domestic and foreign investment.

# The Council has pleasantly surprised everyone of us by completing its task on time.

# When change of this magnitude is undertaken however positive it may, there bound to be some teething troubles & difficulties in initial stage.

# GST, no doubt is a disruptive change . It is similar to introduction of the VAT, when there was initial resistance.