GST Day celebrated on 1st July
Every year 01 July is observed as GST (Goods and Services Tax) Day. This year marks the anniversary of the implementation of the landmark tax reform of the Goods and Services Tax.
The first GST Day was observed on 01 July, 2018 to mark the first anniversary of the new indirect tax regime i.e. Goods and Services Tax (GST). GST was implemented in the intervening night of 30 June and 1 July 2017 at a function held in the Central Hall of Parliament.
Significantly, GST is an indirect tax which has been implemented with the aim of making India a unified common market. It is a single tax levied on the supply of goods and services from the producer to the consumer.
Under GST, while indirect taxes such as Central Excise Duty, Additional Excise Duty, Service Tax, Countervailing Duty are included at the Central level, on the other hand, Value Added Tax, Entertainment Tax, Octroi and Entry Tax, Luxury Tax etc are levied in the states are also included.