Goods and Services Tax, popularly known as GST is an indirect tax levied on almost all economic transactions in India. This tax, which has become something similar to a nightmare for many people was first implemented in India on July 1 last year. So needless to say, GST completes a year tomorrow.
In the eve of its first anniversary and the celebration of the completion of the first successful year, the government has declared that 1st July, the day from which GST became a part of the Indian economic process, is to be celebrated as ‘GST Day’ henceforth.
The finance ministry released a statement earlier today which states – “GST subsumed over a dozen local levies and transformed India into ‘one nation, one Tax’ and binds the country into an Economic Union.” The statement further added that “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 introduction of GST in India gave a boost to the digital economy in the country too. Economic transactions became much more digitalized. But GST came with its disadvantages too. Many taxpayers say that this new tax is a way of unnecessary exploitation of the people. Prices of goods and services have reached a new height because of it.
And as if implementing the tax was not enough, the new step of dedicating a whole day towards celebrating it akin to rubbing salt to the wound of the common citizens. We already have a lot of days that are celebrated for one thing or another. I personally think that celebrating a day in the name of a tax that is not famous among the folks is quite overrated.