Which day is celebrated as the GST Day to commemorate the implementation of the Goods and Services Tax (GST)?

30 June
1 July
2 July
3 July

LohaHridoy

4 views

2025-01-04 04:42

1 Answers

AhmedNazir

Option 2 : 1 July

The correct answer is 1 July.

India celebrates July 1 as the GST Day to commemorate the implementation of the Goods and Services Tax (GST) that replaced the old indirect tax regime in the country.
It was launched on July 1, 2017.
It is a multi-stage, indirect consumption-based tax system that subsumes a host of domestic indirect taxes such as service tax, value-added tax, excise duty, and others under one head.

The tax is valid on most goods and services, with petroleum and liquor being among the notable exceptions.
As per data by the Centre, GST revenue collected in May 2022 was Rs 1,40,885 crore.
This marks the fourth time that GST revenues crossed the Rs 1.4 lakh crore-mark since the tax system was started.

4 views Answered 2022-09-04 04:29

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