The Government of India will celebrate the first anniversary of the implementation of Goods and Services Tax (GST) coming on Sunday.
For this, a ceremony will be held in the Central Hall of Parliament on the midnight of 30th June, 2017.
The Government has claimed that the first year has been remarkable for GST due to the willingness and ability of policy makers and tax administrators to rise up to these challenges and respond befittingly.
Accordingly, the 1st of July, 2018 has been declared as the ‘GST Day’.
On 22nd June, 2017, the first notification was issued for GST and notified certain sections under CGST Act. S
ince then, 103 notifications under CGST Act have been issued notifying sections, notifying rules, amendment to rules and for waiver of penalty, etc.
GST will have a multiplier effect on the economy with benefits accruing to various sectors such as exporters, small traders and entrepreneurs, agriculture and industry, common consumers. GST has already promoted ‘Make in India’ and has improved the ‘Ease of Doing Business’ in India.
The Government has also incorporated the feedback received from businesses, consumers and taxpayers from across the country.
The government has put in place an IT grievance redressal mechanism to address the difficulties faced by taxpayers owing to technical glitches on the GST portal.
The introduction of GST is truly a game changer for Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime.
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