Last Updated:July 01, 2025, 16:37 IST
GST’s 8th Anniversary: PM Narendra Modi stated that GST remains a landmark reform after eight years, enhancing Ease of Doing Business and economic growth.
Prime Minister Narendra Modi with the late former President of India, Pranab Mukherjee (Pic Courtesy: @narendramodi)
Prime Minister Narendra Modi, in a post on X (formerly Twitter), said that even after eight years, the Goods and Services Tax (GST) continues to be a landmark reform that has transformed India’s economic landscape.
PM Modi underlined how it (GST) improved the Ease of Doing Business, particularly for small and medium enterprises.
“GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India’s market,” PM Modi added in the X post on the 8th anniversary of GST.
Eight years since it was introduced, GST stands out as a landmark reform that has reshaped India’s economic landscape.By reducing the compliance burden, it has greatly improved the Ease of Doing Business, particularly for small and medium enterprises.
GST has also served as… pic.twitter.com/RpvYRwTEwl
— Narendra Modi (@narendramodi) July 1, 2025
“GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India’s market.” @PMOIndia @narendramodi https://t.co/dsS26pivsc— Nirmala Sitharaman (@nsitharaman) July 1, 2025
A Brief History of GST
The Goods and Services Tax (GST) removed the intricate web of indirect taxes such as VAT, excise duty, service tax and more with one structured tax applied on the supply of goods and services. It was launched on July 01, 2017 under the helm of finance minister Arun Jaitley.
The main goal was to simplify tax compliance, remove the cascading effect of taxes, and promote ease of doing business.
The idea of GST was first pitched in 2000 during the Atal Bihari Vajpayee government. It entangled in the maze of complexities and became sidelined. Once the BJP under PM Narendra Modi came to power, the idea reignited and discussions, negotiations, and legislative began again. The Constitution Amendment Bill enabling GST was passed in 2016, and after state approvals and the passage of four supporting laws in 2017, GST was officially rolled out. It marked a major shift towards a common national market and is considered a step towards stronger cooperative federalism, with both Centre and states sharing tax powers under a unified system.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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