National GST Day 2021

National GST day is celebrated on 1 July each year in India. This the fourth anniversary of the Goods and Services Tax (GST) on July 1, 2021.

Daily Current Affairs Quiz 2021

The date 1st July has been designated by the Central Government as ‘GST Day’, which is celebrated every year to mark the roll-out of the historic tax reform.

The Goods and Services Tax (GST) is an indirect, multi-level, comprehensive tax levied on the supply of goods and services in India.

France was the first country to implement the GST in 1954; since then, an estimated 160 countries have adopted this tax system in some form or another.

The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. The council is headed by the union finance minister assisted with the finance minister of all the states of India.