Today is GST day. It commemorates the implementation of the Goods and Services Tax GST that replaced the old indirect tax regime in the country. It was launched in a special ceremony held in the central hall of Parliament on the intervening night of 30th June and 1st July, 2017.
GST was introduced with the idea of One Nation- One Market- One Tax. It is a indirect consumption-based tax system that subsumes a host of domestic indirect taxes under one head.
It was brought to remove the cascading of taxes, improve competitiveness, facilitating manufacturers and exporters and to bring uniformity of tax rates.
Finance Minister Nirmala Sitharaman will inaugurate celebrations of the 5th GST Day in New Delhi today in the presence Minister of State for Finance Pankaj Chaudhary, Revenue Secretary, CBIC Chairperson and Member GST Council.
The event will also see broad presentations on the impact of GST at various levels over the last five years, besides release of a Booklet, GST@5.
