GST turns one: To mark first anniversary, govt to celebrate 'GST day' today

The tax reform was launched on the midnight on June 30 by Prime Minister Narendra Modi and the then President Pranab Mukherjee

As the introduction of the Goods and Services Tax (GST) completes one year on Sunday, the Centre will observe 'GST Day'.

In a major initiative to ease the tax system of the country, the Centre launched the GST on July 1 last year to bring in a regulated tax system in the country.

The GST bill consists of the CGST Act for the Centre, SGST Act for the states, UTGST Act for Union Territories and IGST Act as Integrated GST Act for the inter-state supply of goods or services.

Launched on the midnight on June 30 by Prime Minister Narendra Modi and the then President Pranab Mukherjee, the taxation scheme aimed at bringing all taxes into a single window along the lines of the 'One Nation - One Tax - One Market' goal.

The introduction of the GST has caused an increase in taxpayer base, and also brought in a seamless method for filing taxes, with the help of technology.

However, the tax structure has been criticised time and again by the Opposition for its negative impact on small traders and Small and Medium Enterprises (SMEs).