GST Day 2023: Six Years And Counting For ‘One Nation, One Tax’ Regime in India, Know History and Significance Of The Day Celebrating Implementation of Goods and Services Tax | ???????? LatestLY

Mumbai, July 1: With an aim of bringing the entire nation under the single taxation system, the Narendra Modi-led government introduced the Goods and Services Tax (GST) on July 1, 2017, during a ceremony held in parliament at midnight on June 30. The GST Day is commemorated on July 1st to commemorate the implementation of the Goods and Services Tax in honour of the first anniversary of the new tax regime.

The concept of GST was initially put forth in 2006 by the former Union Finance Minister P. Chidambaram during his budget speech for the fiscal year 2006-2007. Although originally scheduled for implementation on April 1, 2010, GST was eventually introduced in 2017. To provide guidance and recommendations on matters concerning GST, the Goods and Services Tax Council (GSTC) was established. Its primary purpose is to advise the Union and the States on various aspects related to the implementation and functioning of the GST system. SBI Foundation Day 2023: Know Date, History and Significance of the Establishment Day of State Bank Of India.

History Of GST Day:

Although the idea of implementing the GST was laid down in 2006, with an initial introduction date of April 1, 2010, the implementation faced significant delays as the Union government and states engaged in prolonged negotiations concerning specific clauses. These negotiations resulted in a postponement of the GST rollout for several years.

A committee comprising 21 members was established to examine the proposed GST laws. Subsequently, after receiving approval from the GST council, several bills were introduced, including the Central Goods and Services Tax Bill 2017 (CGST Bill), the Integrated Goods and Services Tax Bill 2017 (IGST Bill), the Union Territory Goods and Services Tax Bill 2017 (UTGST Bill), and the Goods and Services Tax (Compensation to the States) Bill 2017 (Compensation Bill). The Lok Sabha successfully passed these bills on March 29, 2017, and within a week, they were also approved by the Rajya Sabha. National Doctors’ Day 2023 Date in India: Know Theme, History and Significance of the Day Celebrated in Honour of Dr Bidhan Chandra Roy.

Significance Of GST Day:

The introduction of the GST brought significant reform to India’s taxation system, aiming to replace the intricate and multi-layered indirect tax structure with a transparent, simple, and technology-driven regime. It consists of four types of GST – CGST, SGST, UTGST, and IGST.

The implementation of the taxation system aimed to dismantle barriers in inter-state trade and commerce, fostering the integration of India into a unified, nationwide market. Aligned with the Make in India campaign, it strives to achieve the vision of One Nation, One Tax, and One Market. By replacing the previous tax structure, the objective of GST is to improve the ease of doing business and reduce transaction costs, thus enhancing efficiency and promoting economic growth.

GST was implemented through an amendment to the constitution of India. The Constitutional (122nd Amendment) Bill (CAB) was introduced in Parliament and successfully passed by both the Lok Sabha and the Rajya Sabha. Subsequently, after obtaining approval from the President, the bill was enacted as the 101st Constitution Amendment Act in 2016.

(The above story first appeared on LatestLY on Jul 01, 2023 06:00 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).