Goods and Services Tax (GST) Day is observed every year on 1 July.
This day was first observed on July 1, 2018, marking the first anniversary of the GST tax system’s adoption.
The Goods and Services Tax was first implemented on July 1, 2017.
Parliament enacted the Constitution (101st Amendment) Act in 2016, which authorized the central government to charge and collect GST.
The GST Council, comprising finance ministers from the central and state governments, supervises the implementation of the GST.
GST is a destination-based tax structure that has replaced many indirect taxes levied by both the central and state governments, including excise duty, service tax, and value-added tax (VAT).
In India, the GST system has five tax slabs: 0%, 5%, 12%, 18%, and 28%.
The idea of adopting GST was first suggested by the Atal Bihari Vajpayee government in 2000.
The Goods and Services Tax Network (GSTN) was set up as a private company in 2013 by the government.
