GST great illustration of cooperative federalism: PM Modi

Prime Minister of India Narendra Modi waves following a joint statement to the press with Mexican President Enrique Pena Nieto, in Los Pinos presidential residence in Mexico City, Wednesday, June 8, 2016. Modi met with the Mexican President Wednesday evening during a short working visit to the country.(AP Photo/Rebecca Blackwell)

Prime Minister Narendra Modi said the consensus on Goods and Services Tax (GST) reflects the spirit of 'one nation, one aspiration, one determination'.

"The consensus on GST will go down in history as a great illustration of cooperative federalism. GST reflects the spirit of 'One nation, One aspiration, One determination'," an official statement quoted Modi as saying.

The Prime Minister was delivering his opening remarks at the third meeting of the Governing Council of Niti Aayog.

According to the statement, the Prime Minister also said GST shows the strength and resolve of the federal structure.

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.