GST Day in India: Date and Significance, Quotes, Interesting Facts

Goods and Services Tax (GST) is an indirect tax system in India that applies to the supply of goods and services. Every year on 1st July, GST Day is observed by the central government to celebrate the implementation of this significant tax reform.

Continue reading to learn more about GST day in India, why GST day is celebrated, the GST Day date, and its significance.

What is GST Day in India?

GST, an indirect and comprehensive tax in India, is levied on the supply of goods and services in India (with the exceptions of petroleum, alcoholic beverages, and stamp duty). It subsumed numerous domestic indirect taxes such as VAT, service tax, and excise duty. 

Its implementation is considered the largest tax reform in the history of independent India, and GST Day is celebrated to commemorate this significant milestone.

GST Day date and significance

GST day is celebrated to mark the anniversary of the implementation of GST in India. GST was implemented on 1st July 2017, and since then, we have been celebrating GST day every year on 1st July.

Who introduced GST Day?

The successful implementation of GST in its first year in 2017 showcased the willingness of Indian taxpayers to actively participate in this unprecedented tax reform. As a result, the Central Government designated 1st July as GST Day. 

When was the first GST day celebrated?

The inauguration of the GST Day celebration took place on 1st July 2018, marking the one-year milestone since the implementation of the tax system. 

Interesting facts about the introduction of GST law

Here are six interesting facts about the introduction of GST law

• France was the first nation to implement the GST system.
• The Canadian GST system serves as the foundation for the GST system in India.
• Atal Bihari Vajpayee is often known as the father of GST.
• The idea for the new indirect tax system was proposed and given the go-ahead in 1999.
• Under the GST law, there is CGST (central tax) and SGST/UTGST (state tax/Union Territory tax) levied on intra-state supplies. and IGST (integrated GST) levied on inter-state supplies.
• Amitabh Bachchan is the brand ambassador for GST.
• The tax rates under the Indian GST system are 5%, 12%, 18%, and 28%. However, there are also nil-rated goods and services, as well as special rates levied for high-value items like gold and diamonds, amongst others.

Quotes on GST

“Great Step by Team India, Great Step towards Transformation, Great Steps towards Transparency, this is GST.” – PM Modi.
“GST an example of cooperative federalism.” – PM Modi.
“GST is a tribute to the maturity and wisdom of India’s democracy.” – Pranab Mukherjee.
“GST to make India’s exports more competitive and provide a level-playing field to domestic industry to compete with imports.” - Pranab Mukerjee.
“The old India was economically fragmented, the new India will create one tax, one market and for one nation.” - Arun Jaitley.
“GST will act as a major boost to economic efficiency, tax compliance and domestic and foreign investment.” - Pranab Mukherjee.