July 1 to be celebrated as ‘GST Day’
New Delhi: The government will celebrate July 1 as GST Day. On this day, the Goods and Services Tax (GST) came into force.
Finance Minister Piyush Goyal will preside over as the Chief Guest of the event and Minister of State for Finance Shiv Pratap Shukla will be the Guest of Honour.
GST was launched on the 1st of July last year in a majestic ceremony held in the Central Hall of Parliament House on the midnight of 30th of June.
Finance Ministry in a release said, the first year remained remarkable for the sheer variety of challenges that its implementation has thrown up.
The Ministry said, the first year has been an example to the world of the readiness of the Indian taxpayer to be a partner in this unprecedented reform of Indian taxation.
GST replaced multi-layered tax structure
Before implementation of GST, Indian taxation system was a mix of central, state and local area levies. GST has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology-driven tax regime.
Finance Ministry said, GST Council has met for 27 times and no occasion has arisen so far that required voting to decide any matter. All the decisions have been taken by consensus and this is a fitting tribute to the spirit of cooperative federalism.
GST will have a multiplier effect on the economy with benefits accruing to various sectors such as exporters, small traders and entrepreneurs, agriculture and industry, common consumers.
GST has already promoted ‘Make in India’ and has improved the ‘Ease of Doing Business’ in India. By subsuming more than a score of taxes under GST, the road to a harmonized system of indirect tax has been paved making India an economic union.