As we celebrate six years of the GST roll out on July 1, 2023, we can see a new high of this tax reform wherein revenue collection of Rs. 1.5-lakh crore every month is a new normal. The Prime Minister has extolled the new tax regime as a game changer for the economy as tax collection is rising despite lower tax rates, which is a reflection of improved compliance and integration.
GST was born out of subsuming of 17 taxes and 13 cesses levied by the Central and State governments and by conferring equal power on Centre and States to levy tax on supply of goods and services.
At the time of GST’s implementation, there was optimism as well as some trepidation regarding the new tax reform’s impact on the economy. On conclusion of 6th year, the clouds of uncertainty have been dispersed by the GST sunshine.
The number of taxpayers registered in GST has more than doubled from 67.83 lakh in July, 2017 to 1.40 crore, as on June 25, 2023. There is a continuous surge in revenue from a monthly average of Rs. 89,885 crore in financial year 2017-18 to Rs. 1,50,504 crore in the financial year 2022-23. In FY24, the average monthly revenue so far has been Rs.1,72,063 crore.
A recent survey by a leading consulting firm has revealed that GST has matured and 94 per cent of the respondents across industries feel positive about GST.
Read more at : the business line
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