On 1st July 2018, Indian Government celebrated the 1st Anniversary of the Goods and Services Tax (GST) as GST day.
- GST day – July 1:
i. GST was launched on the 1st July 2017 at a grand ceremony in the Central Hall of Parliament.
ii. Union Minister for Railways, Coal, Finance & Corporate Affairs Piyush Goyal presided over as the Chief Guest of the event. Minister of State for Finance, Shiv Pratap Shukla was the Guest of Honour.
iii. The Constitution (122nd Amendment) Bill, 2014 was introduced in the Parliament on 19th December 2014. It was enacted as Constitution (101st Amendment) Act, 2016.
iv. The Goods and Services Tax (GST) Council was notified with effect from 12th September 2016.
v. The GST Council consists of the Union Finance Minister as Chairman, the Minister of State (Revenue) and the State Finance/Taxation Ministers as members.
vi. The council makes recommendations to the Union and the States on all GST related issues. The Council has met 27 times so far.
vii. Four Laws called CGST Act, UTGST Act, IGST Act and GST (Compensation to States) Act were passed by the Parliament and were notified on 12th April 2017.
viii. All the other States (except Jammu & Kashmir) and Union territories with legislature have passed their respective SGST Acts.
ix. On 8th July 2017, Jammu and Kashmir also passed the SGST Act and the Central Government also extended the CGST Act to Jammu and Kashmir.
x. Under this model, tax is levied concurrently by the Centre and States on a common base – supply of goods or services or both.
xi. GST levied by the Centre is called Central GST (Central tax / CGST). GST levied by the States is called State GST (State Tax / SGST).
xii. State GST (State Tax / SGST) is called UTGST (Union territory tax) in Union Territories without legislature.
xiii. CGST & SGST / UTGST is levied on all taxable intra-State supplies. Inter-State supply of goods or services is subjected to Integrated GST (Integrated tax / IGST).
xiv. IGST enables the Centre to levy IGST (Integrated Goods and Service Tax) that is CGST plus SGST, on all inter-State supply of goods or services or both.
- About About Central Board of Indirect taxes and Customs (CBIC):
♦ Chairman – S. Ramesh
♦ Headquarters – New Delhi