July 1 To Be Celebrated As GST Day

The government will on July 1, 2018 celebrate GST Day, to mark the first anniversary of the launch of the new indirect taxation regime. Terming GST as a "fitting tribute to spirit of cooperative federalism", the Ministry of Finance said: "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.".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, the ministry said. Union Minister for Railways, Coal, Finance and Corporate Affairs Piyush Goyal will preside over as the chief guest of the event and Minister of State for Finance Shiv Pratap Shukla will be the guest of honour, the official statement noted..The finance ministry said that introduction of the E-Way (electronic way) bill ensures hassle-free movement of goods throughout the country. The E-Way bill mandates pre-registration of goods worth over Rs. 50,000 before they are moved for sale beyond 10 kilometres..Most states and union territories have implemented the E-Way bill system so far. The E-Way bill system was introduced country-wide for all inter-state movement of goods with effect from April 1, 2018. For intra-state movement, it was decided to be rolled out in a phased manner. However, all states have notified E-Way bill rules for intra-state supplies.."GST binds India into an Economic Union, promotes 'Make in India' and has improved 'Ease of Doing Business'," the finance ministry noted..The GST Council has met for 27 times and no occasion has risen so far that required voting to decide any matter. All the decisions have been taken by consensus. "This is a fitting tribute to the spirit of cooperative federalism which has prevailed throughout all Centre-State interactions in relation to all aspects of GST," the finance ministry further said.."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," it said..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. 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, the government added.

July 1 To Be Celebrated As GST Day

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