GST Day is celebrated every year on 1st July to commemorate the implementation of Goods and Services Tax (GST). GST Day was first observed on 1st July 2018, marking the 1 year anniversary of the implementation of the new tax regime.
GST was launched on the intervening night of 30th June & 1st July 2017 at a function held in the Central Hall of Parliament. GST replaced the old indirect tax system in India. This was introduced with the idea of ”One Nation-One Market-One Tax”. In year 2022 marks the 5th anniversary of GST.
Goods and service tax (GST) :
GST is an indirect, multilevel, consumption based tax system. It subsumes several domestic indirect taxes such as service tax, purchase tax, value added tax, excise duty & others into a single item. However, items including petroleum, liquor & stamp duty have not been added to GST. These items follow the old tax system.
The idea of introducing a new tax regime came into existence when a committee was constituted in 2002 to draft the GST laws. This committee submitted its report in 2004. Later in 2006, the Finance Minister proposed to introduce GST on 1st April, 2010. It took more than 17 years for the implementation of GST laws.
Qns : When is celebrated GST (Goods and service tax) Day in India?
Ans : GST Day is celebrated every year on 1st July to commemorate the implementation of GST (Goods and Services Tax).