Micro, Small and Medium Enterprises (MSMEs) are essential for India’s economic growth, creation of employment and supporting large industries with cost-effective solutions. Over the years, the Goods and Services Tax (GST) has played a significant role and benefitted MSMEs by unifying the tax structure, easing logistical movement and in creating a transparent business environment.
GSTN – Goods and Services Tax Network issued a Statistical Report on Completion of 7 Years of GST.
The author express his views on 7th anniversary of introduction of GST in India especially he being a participant in preliminary to final discussion, and a member of Drafting Committee, Law Review Committee and Law Committee.
The 7th GST Day was celebrated with great zeal and enthusiasm on 01.07.2024, in CGST Nagpur Zone, Nagpur at GST Bhawan, Nagpur.
Goods and Services Tax (GST), which completed 7 years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones, the finance ministry said on Monday.
Days before the seventh anniversary of the Goods and Services Tax regime, the Centre along with states took a slew of measures to make it more friendly to taxpayers, particularly micro, small and medium enterprises (MSMEs), by providing amnesty to legacy disputes, restraining officials from harassing small businesses through endless appeals, and encouraging them to access the pan-India market through online sales.
Introduced seven years ago, the Goods and Services Tax (GST) has simplified compliance, improved tax buoyancy and increased states’ revenues, but fake invoices and fraudulent registration remain a big challenge for policymakers trying to curb tax evasion.
Since the GST was rolled out seven years (7) ago, there has been a sizeable 134% rise in the number of new taxpayers. State commercial tax department data shows that active taxpayers have grown in numbers from 5.08 lakh on 01.07.2017, when the regime came into effect to Rs. 11.95 lakh currently.
onlinetaxupdate is conducting a webinar on Topic: “53rd GST Council Meet Recommendation & 7 years of GST’ by Faculty Mr. CA. D. Shiva Roopa Ganesh, a Best Speaker Awardee, on 1st July, 2024 at time: 2:30 PM to 3:30 PM.
GST which subsumed 17 local taxes and fees, was implemented on July 1, 2017. In nearly seven years, the tax has been reduced on several products and services used by the common people.
