GST Day is being celebrated today to commemorate one year of the implementation of Goods and Services Tax.

Addressing a function in New Delhi Finance Minister Piyush Goyal said that Goods & Service Tax has long term benefits for the economy. Union Minister Arun Jaitley hailed GST on the completion of one year and said that GST was necessary for the nation.

Addressing a function to mark GST Day celebrations through video conferencing, Union Minister Arun Jaitley said, the government is in the process of rationalizing GST rates. He said, after the implementation of GST the entire country has become an unified market and tax payers are getting the benefit of reduction in tax rates.

Jaitley said that increase in collection of direct tax due to implementation of GST has enabled the GST council to reduce and rationalise the rates.

Addressing the function Union Finance Minister Piyush Goyal said that GST has played an important role in ease of doing business across the country and it has increased transparency.

Speaking on the occasion, Finance Secretary Hasmukh Adhia said, with the implementation of GST, tax rates have reduced and revenue collection has risen.

It is noteworthy that implementation of GST is a win-win situation for all…be it traders or tax payers….needless to say that it’s an important step in building a new India.

Prime Minister Narendra Modi Congratulated countrymen on the special occasion of GST completing 1 year. In a tweet, the PM said, “A vibrant example of cooperative federalism and a ‘Team India’ spirit, GST has brought a positive change in the Indian economy. He further added that GST has brought growth, simplicity and transparency. It is: Boosting formalisation. Enhancing productivity. Furthering ‘Ease of Doing Business.’ Benefitting small and medium enterprises.”