July 1 Celebrated as GST Day

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. The day was first celebrated on July 1, 2018, on the one-year anniversary of the implementation of the tax system. GST was launched in a majestic ceremony held in the central hall of Parliament on the intervening night of June 30 and July 1, 2017.

Introduced with the idea of “One Nation- One Market- One Tax” GST is a multi-stage, indirect consumption-based tax system that subsumes a host of domestic indirect taxes such as service tax, value-added tax, purchase tax, excise duty, and others under one head. However, items like petroleum, liquor, and stamp duty have been exempted from GST and still follow the old tax system