Government of India is celebrating the 1st Anniversary
of the Goods and Services Tax (GST) coming into force, here tomorrow. GST was
launched on the 1st July, 2017 in a majestic ceremony held in
the Central Hall of Parliament on the midnight of 30th June,
2017, says an official release.
The first year has been remarkable both for the sheer
variety of challenges that its implementation has thrown up and for the
willingness and ability of policy makers and tax administrators to rise up to
these challenges and respond befittingly.
But more importantly, the first year of GST has been
an example to the world of the readiness of the Indian taxpayer to be a partner
in this unprecedented reform of Indian taxation. Accordingly, it has been decided that Sunday, the 1st of
July, 2018 shall be commemorated as ‘GST Day’.
Minister for Railways, Coal , Finance & Corporate Affairs Shri Piyush
Goyal will preside over as the Chief Guest of the event and Minister of State
for Finance, Shri Shiv Pratap Shukla will be the Guest of Honour..
The introduction of e-way (electronic way) bill is a
monumental shift from the earlier ‘Departmental Policing Model’ to a
‘Self-Declaration Model’. It envisages one e-way bill for movement of the goods
throughout the country, thereby ensuring a hassle free movement of goods
throughout the country. The e-way bill system has been introduced nation-wide
for all inter-State movement of goods with effect from 1st April,
2018. As regards intra-State movement of gods, all States have notified e-way
bill rules for intra-State supplies last being NCT of Delhi where it was introduced
w.e.f. 16th June, 2018.
GST will have a multiplier effect on the economy with
benefits accruing to various sectors such as exporters, small traders and
entrepreneurs, agriculture and industry, common consumers.
GST has already promoted ‘Make in India’ and has
improved the ‘Ease of Doing Business’ in India. By subsuming more than a score
of taxes under GST, the road to a harmonized system of indirect tax has been
paved making India an economic union.
Any new change is accompanied by difficulties and problems
at the outset. A change as comprehensive as GST is bound to pose certain
challenges not only for the government but also for business community, tax
administration and even common citizens of the country.
Based on the feedback received from businesses,
consumers and taxpayers from across the country, attempt has been made to
incorporate suggestions and reduce problems through short-term as well as
The introduction of GST is truly a game changer for
Indian economy as it has replaced multi-layered, complex indirect tax structure
with a simple, transparent and technology–driven tax regime. It will integrate
India into a single, common market by breaking barriers to inter-State trade
and commerce. By eliminating cascading of taxes and reducing transaction costs,
it will enhance ease of doing business in the country and provide an impetus to
‘Make in India’ campaign. GST will result in ‘ONE NATION, ONE TAX, ONE MARKET’.