NEW DELHI: Finance Minister Nirmala Sitharaman is set to inaugurate celebrations of the fifth GST Day in New Delhi today. The celebration will also be chaired by the Minister of State for Finance Pankaj Chaudhary, Revenue Secretary, CBIC Chairperson and Member GST Council.
The event will also witness broad presentations on the impact of Goods and Service Tax (GST) at various levels over the past 5 years, besides releasing a Booklet, GST@5.
Today, July 1st marks GST Day. It honors the day the country's outdated system of indirect taxes was replaced by the GST. It was introduced during a unique event that took place between the evenings of June 30 and July 1, 2017, in the chamber of Parliament.
One Nation, One Market, One Tax was the concept behind the introduction of the GST. A number of domestic indirect taxes are consolidated under one umbrella under this indirect consumption-based tax structure. It was introduced to stop taxes from cascading, boost competition, make manufacturing and exporting easier, and bring uniformity to tax rates.
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