Goods and Services Tax (GST) Day is annually observed across the globe on 1st July to commemorate the implementation of the Goods and Services Tax (GST) system, the unprecedented reform of Indian taxation.
- GST Day 2022 marks the celebration of the 5th anniversary of the implementation of GST system (5th GST Day) .
- The observance of the Day across India is led by the Central Board of Indirect Tax and Customs(CBIC) across India.
Background:
i.On 1st July 2017, the GST was launched in a majestic ceremony held in the Central Hall of Parliament, New Delhi, Delhi.
ii.In 2018, the Government of India decided that 1st of July shall be commemorated as the GST day.
iii.The GST day was first observed on 1st July 2018, which marked the one year anniversary of the implementation of the GST system.
Events 2022:
Union Finance Minister Nirmala Sitharaman inaugurated the celebration of the 5th GST day at Vigyan Bhawan, New Delhi, Delhi.
Key People:
Pankaj Chaudhary, Minister of State, Ministry of Finance(guest of honour of the event), Vivek Johri, Chairman of CBIC were present at the event.
Highlights:
i.The event includes a broad presentations on the impact of GST across various levels over the past 5 years.
ii.A booklet “GST@5” was also released during the event.
About GST:
i.GST was introduced with the idea of “One Nation- One Market- One Tax”.
According to the Article 366(12A) of the Constitution as amended by 101st Constitutional Amendment Act, 2016, the Goods and Services tax (GST) is defined as a tax on supply of goods or services or both.
ii.GST is a indirect “consumption-based tax” system that subsumes several taxes at Centre and State level.
- At central level, Central Excise Duty, Duties of Excise, Additional Duties of Excise, Service Tax, Additional Customs Duty commonly known as Countervailing Duty(CVD), and Special Additional Duty of Customs.
- At state level, State Value Added Tax(VAT)/Sales Tax, Entertainment and Amusement Tax, Central Sales Tax, Octroi and Entry tax, Purchase Tax, Luxury tax, and Taxes on lottery, betting and gambling.
iii.Main components of GST are Central GST (CGST); State GST (SGST); Union Territory GST (UTGST); and Integrated GST (IGST).
Goods and Services Tax Council:
i.The GST Council is comprised of the Union Finance Minister (who is the Chairman of the Council), the Minister of State (Revenue) and the State Finance/Taxation Ministers as members.
ii.It is empowered to make recommendations to the Union and the States on all GST related issues.
Gross GST revenue of June 2022:
i.The Gross GST revenue collected in June 2022 has increased by 56 per cent year-on-year to Rs 1,44,616 crores, of which Rs 25,306 is CGST, Rs 32,406 crore is SGST, Rs 75,887 crore is IGST and cess is Rs 11,018 crore.
ii.This is the 2nd highest collection next to the April 2022 collection of Rs 1.68 lakh crore.
