Govt will celebrate 2nd anniversary of GST today with the release of book ‘GST for MSME’

New Delhi, July 1 (KNN) The Good & Services Tax (GST) regime has completed two years today and the Government along with partners from the trade and industry will celebrate the 2nd Anniversary of GST today.

At the event a book on “GST for MSME” will also be released. The distinguished officers of CBIC who have put in hard work in the implementation of GST will be awarded ‘GST Commendation Certificates’ by the Union Minister of State Anurag Thakur.

It was one of the biggest tax reform that was introduced in India on July 1, 2017.

However, the implementation of GST has not been without challenges especially in the early months, said Ministry of Finance in a statement.

It said “But thanks to the cooperation of the Trade and Industry and the yeoman service rendered by the GST authorities of the States and the CBIC, these challenges have been overcome and GST has now settled down. Hence, the Government is commemorating the true spirit of Growing and Sharing Together (GST).”

The introduction of GST is a game changer for Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime. It has integrated India into a single, common market by breaking barriers to inter-State trade and commerce.

By eliminating cascading of taxes and reducing transaction costs, it will enhance ease of doing business and provide an impetus to ‘Make in India’ campaign.