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GST Day 2023: Who is Called the Father of GST? Origin, Significance, Quotes, and Facts

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

  1. Atal Bihari Vajpayee is called the father of GST.
  2. The brand ambassador for GST is Amitabh Bachchan.
  3. France was the first country that implemented the GST system first.
  4. GST exempts certain items such as fresh fruits, vegetables, and unbranded flour from taxes.
  5. GST revenue is shared between the Central and State governments in India.
  6. The GST system in India has 5 tax slabs such as 0%, 5%, 12%, 18%, and 28%.
  7. GST eradicates the requirement for separate state-level tax registrations, easing business processes.
  8. The Canadian GST system served as the foundation for the GST system in India.
  9. The GST Council was founded by President Pranab Mukherjee in September 2016.

GST DAY: Quotes:

  1. 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
  2. GST will enable the move from fragmented economy to one market… it will boost investment, growth. – Arvind Subramanian
  3. GST is the biggest indirect tax reform India has ever seen. – Arun Jaitley
  4. GST is a giant leap forward for our country. – Amitabh Kant
  5. GST will simplify the tax regime for businesses, making it easier for them to comply with the rules. – Piyush Goyal
  6. GST is a much needed reset button for India’s economy. – Nandan Nilekani
  7. GST will bring transparency and accountability in the tax system. – Suresh Prabhu
  8. GST is a historic tax reform that will take India to new heights of growth and development. – Nitin Gadkari

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