GST Day is being celebrated today to commemmorate one year of implementation of the Goods and Services Tax. One Nation, One Tax, One Market became a reality one year ago with the stroke of midnight on 1st July.
The biggest tax reform of the world was achieved in the shortest possible time. The benefits being accrued to States and Centre alike through this tax reform is actually the testimony of real Cooperative federalism and the strength of Indian Democracy.
Before implementation of GST, Indian taxation system was a mix of central, state and local area levies.
GST has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology-driven tax regime.