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GST Day 2024: Date, History, Significance, Quotes, and Interesting Facts
The Goods and Services Tax (GST) has revolutionised India's tax system by unifying multiple complex taxes imposed by the central and state governments.
The Goods and Services Tax (GST) has revolutionised India's tax system by unifying multiple complex taxes imposed by the central and state governments. This comprehensive indirect tax has enhanced transparency and efficiency by creating a destination-based tax structure.
GST Day: Date and Origins
GST Day was first celebrated on July 1, 2018, marking the first anniversary of the GST implementation. The landmark tax system was introduced at a grand ceremony in Parliament's central hall on the night of June 30 to July 1, 2017.
History of GST in India
The concept of GST in India dates back to the early 2000s, aimed at simplifying the intricate tax framework that hindered economic growth. The Kelkar Task Force recommended a comprehensive indirect tax to replace the existing system. The Constitution (101st Amendment) Act was passed in August 2016, empowering the central government to levy and collect GST. The GST Council, consisting of finance ministers from central and state governments, was formed to oversee the implementation, finalizing GST rates, exemptions, and addressing various concerns. GST officially came into effect on July 1, 2017, establishing a unified market for seamless interstate trade.
Significance of GST Day
GST Day is significant as it commemorates the successful implementation of the GST regime, which has profoundly impacted the Indian economy. By consolidating numerous indirect taxes like excise duty, service tax, and VAT, GST has simplified and clarified the tax system, fostering a unified market for hassle-free trade between states.
Quotes on GST
1."The consensus we arrived at with states for amending the constitution to implement GST is a breakthrough. This alone has the potential to make India competitive and attractive for investment." – Narendra Modi.
2."GST is the biggest indirect tax reform India has ever seen." – Arun Jaitley.
3."GST is a historic tax reform that will take India to new heights of growth and development." – Nitin Gadkari.
4."GST is a much-needed reset button for India’s economy." – Nandan Nilekani.
Interesting Facts about GST
ï‚·Actor Amitabh Bachchan is the brand ambassador for GST.
ï‚·France was the first country to implement GST.
ï‚·In India, GST revenue is shared between the central and state governments.
ï‚·Certain commodities like fresh fruits, vegetables, and unbranded flour are exempt from GST.
ï‚·Former Prime Minister Atal Bihari Vajpayee is often referred to as the father of GST in India.
ï‚·The Indian GST system is modeled after the Canadian GST system.
ï‚·Although GST was proposed in 2000, it took over 17 years to implement.
ï‚·GST eliminates the need for separate state-level tax registrations, simplifying business operations.
India’s GST system has five tax slabs: 0%, 5%, 12%, 18%, and 28%.
GST Day celebrates the transformative impact of GST on India's taxation landscape, highlighting its role in simplifying the tax structure and boosting economic growth.
