| GST Day | Celebrated annually on July 1 since 2018, marking GST's implementation on July 1, 2017. |
| GST Definition | Comprehensive, destination-based indirect tax on supply of goods and services. Only the final consumer bears the tax. |
| Historical Background | Proposed in 2000, Constitution (101st Amendment) Act passed in 2016, launched on July 1, 2017. |
| Dual GST Model | CGST (Central), SGST (State), IGST (Interstate). Revenue goes to the consuming state. |
| Input Tax Credit (ITC) | Businesses can claim credit for taxes paid on inputs, reducing the effective tax burden. |
| Threshold Exemption | Small businesses (turnover below prescribed limits) exempt. Composition Scheme for turnover below ₹1.5 crore. |
| GSTN Portal | All compliance (registration, returns, payments) done via GST Network (GSTN). |
| Anti-Profiteering | National Anti-Profiteering Authority (NAA) ensures tax reduction benefits reach consumers. |
| GST Rate Slabs (2025) | 0% (essentials), 5% (mass consumption), 12% & 18% (most goods/services), 28% (luxury/demerit goods), Compensation Cess (sin goods). |
| GST Revenue (Apr 2025) | Record high of ₹2.37 lakh crore, 12.6% growth YoY. |
| Impact on MSMEs | Simplified tax regime, formalization, easier interstate trade, better access to finance. |
| Impact on Consumers | 4% savings on household expenditure, lower prices on essentials, transparent pricing. |
| Impact on Logistics | Faster movement, streamlined warehouses, increased investments. |
| Future Reforms | Proposal to move to a three-rate structure for further simplification. |
