Second anniversary of implementation of historic tax reform of Goods & Services Tax as 1st July is celebrated as the “GST DAY”.
Kicking off celebrations, the finance ministry will on Monday come up with further reforms in the indirect tax system with introduction of new return system, rationalisation of cash ledger system and a single refund-disbursing mechanism, among others.
Minister of State for Finance and Corporate Affairs Anurag Thakur will preside over the event alongside key secretaries and officials of various departments.
The introduction of GST was a game changer for the Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology-driven tax regime.
The ministry said it will introduce the new return system on a trial basis from 1 July and on mandatory basis from 1 October. At the event, a book on ‘GST for MSME’ will also be released.