Staff Reporter / New Delhi

The second anniversary of Goods and Services Tax (GST) will be celebrated on Monday. It was launched on the 1st of July, 2017 at a function held in the Central Hall of Parliament on the midnight of 30th June, 2017.

Minister of State for Finance and Corporate Affairs Anurag Thakur will preside over the function to be held in New Delhi to mark the occasion.

Finance Ministry, in a release today said, a book on GST for MSME will also be released to mark the occasion.

Distinguished officers who have put in hard work in the implementation of GST will be awarded GST Commendation Certificates.

The introduction of GST played an important role in the 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 the Make in India campaign.

The Ministry said it will introduce the new return system on a trial basis from tomorrow and on mandatory basis from 1st of October.

It has also proposed Sahaj and Sugam returns for small taxpayers. It said, with regards to single cash ledger, the government will rationalize the ledger in such a manner that earlier 20 heads are merged into 5 major heads.

There is only one cash ledger for tax, interest, penalty, fee and others.