1st July 2020 is being celebrated as GST (Goods & Services Tax) Day. This year marks the 4th anniversary of implementation of historic tax reform of Goods & Services Tax.
GST was rolled out in intervening night of 30 June and July 1 2017 in a ceremony held in the Central Hall of Parliament.
Goods & Services is an Indirect Tax levied on the supply of goods and services and which has replaced many Indirect Taxes that previously existed in India. On 29th March 2017, Goods and Service Tax Act was passed in Parliament and Act came into effect on 1st July 2017.
It is one Indirect Tax for entire country and is a multi-stage, comprehensive, destination-based tax that is levied on every value addition.
Under GST regime, tax is levied at every point of sale (PoS). In case of Intra-state sales, Central GST (CGST) and State GST (SGST) are charged and the Inter-state sales are chargeable to Integrated GST (IGST).
GST has transformed India into ‘one nation, one Tax, and integrated country into an Economic Union and into single common market by breaking barriers to inter-state trade and commerce.
No comments:
Post a Comment