 "GST Day 2024: Check date, history, significance, quotes and more")
The Goods and Services Tax (GST) is an indirect tax that has eliminated multiple complex taxes levied by the central and state governments. It is a successor of VAT used in the supply of goods and services. Both VAT and GST have the same taxation slabs.
Goods and Services Tax (GST) simplified the tax structure focusing on destinations, improving transparency and efficiency.
GST day was first observed on July 1, 2018, marking the first anniversary of the tax system's adoption.
GST Day In India 2024: History
The concept of Goods and Services Tax (GST) was first presented in India in the early 2000s to simplify the convoluted tax structure. The Kelkar Task Force proposed a comprehensive indirect tax system to replace the previous framework that decreases the country's economic growth.
The parliament enacted the Constitution (101st Amendment) Act in August 2016 authorising the central government to charge and collect GST.
The government also established the GST council comprising finance ministers from the central and state governments to supervise the implementation. The council held several meetings to decide GST rates, exemptions and concerns. Hence, GST came into effect on July 1, 2017, establishing a single market for easy interstate trade.
GST Day in India 2024: Significance
GST Day is important for India's taxation system as it commemorates the effective introduction of the GST regime. It has impacted the Indian economy significantly streamlining the tax system and establishing a unified market for frictionless trade between states.
Many indirect taxes are replaced by GST including excise duty, services tax and value-added tax (VAT). The tax system has become more simple and clear.
When was the first GST day celebrated?
The first GST Day took place on July 1st 2018 after one year since the implementation of the tax system.
GST Day 2024 Quotes
- "GST is not just a tax reform but a step towards making India a truly integrated and transparent economy" - Prime Minister Narendra Modi
- "On GST Day, we celebrate a landmark reform that has simplified the tax structure and strengthened the Indian economy" - Finance Minister Nirmala Sitharaman
- "GST is a revolutionary tax system that has unified the nation under one tax umbrella, fostering growth and development"- Former Finance Minister Arun Jaitley
- "GST has been a game-changer for India, bringing in efficiency, transparency, and ease of doing business" - Industry Leader Ratan Tata
- "The implementation of GST has transformed India's economic landscape, making it more attractive for global investments" - Business Magnate Mukesh Ambani
- "GST symbolises India's leap towards a more organised and formalised economy, ensuring greater compliance and revenue" - Economist Arvind Subramanian
- "GST is a monumental reform that has simplified tax compliance and helped create a unified national market"- Finance Expert Chanda Kochhar
- "GST has been instrumental in enhancing revenue efficiency and reducing the cascading effect of multiple taxes" - Economist Bibek Debroy
- "GST's success lies in its ability to streamline tax processes and create a more business-friendly environment" - GST Council Member
- "Despite its challenges, GST has the potential to significantly boost India's economic efficiency and growth”- Economist Jean Drèze