The Central Board of Indirect Taxes and Customs (CBIC) celebrates the fourth anniversary of the Goods and Services Tax (GST) on Thursday. The date of 1st July has been designated by the Central Government as ‘GST Day’, to be observed every year to mark the roll-out of the historic indirect tax reform. The Union Finance Minister Smt Nirmala Sitharaman announced that this year on GST day, the Ministry of Finance would issue certificates of appreciation to more than 54,000 taxpayers who filed GST returns on time and made prompt payment of taxes.
The GST is an indirect tax imposed on the supply of goods and services. The GST law is a multi-stage, comprehensive taxation system. On roll-out, GST subsumed almost all the other domestic indirect taxes of the country under one umbrella and is perhaps the biggest tax reform in the history of independent India. However, petroleum, alcoholic beverages, and stamp duty are out of GST scope till now. GST is charged at every stage of the supply of goods or services. However, it is collected only at the point of consumption. The GST paid at the earlier stage will be allowed as a credit to all parties other than the final consumer.
The Ministry of Finance said that the GST revenue collections in India has remained over the one lakh crore mark for eight months in a row, and the GST collections in May 2021 stood at Rs 1.02 lakh crore. The government reiterated that the GST collections were good for the past few months despite strict nationwide lockdown imposed due to the COVID-19 pandemic across the country.
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DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.