Why in News?
- India completed nine years of Goods and Services Tax (GST) implementation on July 1, 2026.
Key Details
- GST was introduced on July 1, 2017 and subsumed multiple Central and State indirect taxes into a common framework.
- The number of registered taxpayers rose from 66.5 lakh in 2017 to 1.65 crore by May 2026, while gross collections reached about ₹22.27 lakh crore in FY 2025-26.
- The Next-Generation GST reforms, effective from September 22, 2025, moved the structure primarily to 5% and 18% slabs.
Exam Connect
- GST Council → Key federal decision-making body for GST rates and rules.
- GST → Destination-based indirect tax on the supply of goods and services.