GST Day 2023: Who is Called the Father of GST? Origin, Significance, Quotes, and Facts– India is celebrating Goods and Services Tax (GST) Day on July 1 in order to honor the successful implementation of the GST regime in the country. GST, a comprehensive indirect tax, revolutionized India’s taxation system by taking the place of multiple complex levies imposed by both the central and state governments. With its destination-based approach, GST simplified the tax structure, ensuring transparency and efficiency.
GST Day 2023: History
- In 2000, The Goods and Services Tax (GST) idea was first proposed in India, aimed at simplifying the complex tax system.
- The Kelkar Task Force, a dedicated team, proposed a comprehensive indirect tax system as a replacement for the existing structure that was impeding the economic growth of the country.
- In August 2016, Indian Parliament passed the Constitution (101st Amendment) Act, giving the central government the power to levy and collect GST.
GST Day 2023: Facts
- Atal Bihari Vajpayee is called the father of GST.
- The brand ambassador for GST is Amitabh Bachchan.
- France was the first country that implemented the GST system first.
- GST exempts certain items such as fresh fruits, vegetables, and unbranded flour from taxes.
- GST revenue is shared between the Central and State governments in India.
- The GST system in India has 5 tax slabs such as 0%, 5%, 12%, 18%, and 28%.
- GST eradicates the requirement for separate state-level tax registrations, easing business processes.
- The Canadian GST system served as the foundation for the GST system in India.
- The GST Council was founded by President Pranab Mukherjee in September 2016.
GST DAY: Quotes:
- The consensus we arrived with states for amending the constitution to implement GST is a major breakthrough. This alone has the potential to make India competitive and attractive for investment. – Narendra Modi
- GST will enable the move from fragmented economy to one market… it will boost investment, growth. – Arvind Subramanian
- GST is the biggest indirect tax reform India has ever seen. – Arun Jaitley
- GST is a giant leap forward for our country. – Amitabh Kant
- GST will simplify the tax regime for businesses, making it easier for them to comply with the rules. – Piyush Goyal
- GST is a much needed reset button for India’s economy. – Nandan Nilekani
- GST will bring transparency and accountability in the tax system. – Suresh Prabhu
- GST is a historic tax reform that will take India to new heights of growth and development. – Nitin Gadkari
Also Read –
National Chartered Accountants Day 2023: Why is CA Day Celebrated on July 1?