Goods and Services Tax (GST) will celebrate the second birthday tomorrow. The GST was launched in the country on 1st July 2017 at a function held in the Central Hall of Parliament on the midnight of 30th June 2017.
The GST has replaced the old multi-layered, complex indirect tax structure with a simple, transparent and technology-driven tax regime. The GST has made the whole country into a single, common market. It has broken the barriers to inter-state trade and commerce.
The GST is a comprehensive multistage, destination-based tax. It has subdued almost all indirect tax. Launching of the GST is considered as a revolutionary step in the Indian economy.