The correct answer is: D. 1st July
The Central Board of Excise and Customs (CBEC) announced that every year 1st July will be considered as GST Day. This is because the Goods and Services Tax (GST) was implemented in India on 1st July 2017. The GST is a comprehensive indirect tax reform that subsumes central excise duty, service tax, value-added tax (VAT), and other local levies. It is a single tax on goods and services that is levied at all stages of the supply chain. The GST is expected to simplify the tax system, reduce compliance burden, and boost economic growth.
Option A: 1st April is the beginning of the financial year in India. However, the GST was implemented on 1st July 2017.
Option B: 1st March is not a significant date in the history of the GST.
Option C: 1st June is not a significant date in the history of the GST.
Option E: 1st January is the beginning of the calendar year. However, the GST was implemented on 1st July 2017.