What is GST? What do you need to learn about it?

GST stands for Goods and Services Tax, and its introduction in 2017 was a watershed in the history of Indian finance and economy. It took one and half a decade to come into existence since the task force (set by the former Prime Minister AB Vajpayee in 2003) mooted the idea of unification of a plethora of indirect taxes that were prevalent in India then. However, after prolonged deliberation and enactment, GST was rolled out on 1 July 2017 by Honourable Prime Minister Narendra Modi in the presence of Shri. Pranab Mukherjee, the then President of India in a mid-night function at the Central Hall of Parliament of India. Thus, the idea “One Nation, One Tax” is fulfilled.

Did you know?

• France was the first country to introduce Goods and Services tax in 1954.
• Over 140 countries across the world use the Goods and Services Tax (GST) system.