What has happened in 4 Years of GST?
On 1st July 2021, the Goods and Services Tax (GST) completed its four years and celebrated it by flagging the ease it brought to businesses and the relief on the tax burden to consumers. GST implementation in India was a historical move, as it marked a s ignificant indirect tax reform in the country. The amalgamation of many taxes levied at a central and state level into a single tax was expected to have big advantages. Four years ago, on this day, GST had replaced 17 local levies like excise duty, service tax, VAT and 13 cesses. One of the most important benefits of the move is the lessening of double taxation or the removal of the cascading effect of taxation. It is now paving the way for a common national market and Indian goods are also expected to be more competitive in international and domestic markets. Pros. On this occasion, the Union Finance Ministry has notified a cut in the GST rates on 400 goods and 80 services, thus giving a big relief to the common citizens of the cou