The Center claimed on Tuesday that the Goods and Services Tax (GST) has improved government and state income while lowering the burden of compliance and logistics for business and commerce, as well as the average person.
The other sectors will be subject to the GST, according to the Union Budget 2024–2025.
It is a hugely successful endeavor. Finance Minister Nirmala Sitharaman stated, “We will work to further simplify and rationalize the tax structure and endeavor to expand it to the remaining sectors in order to multiply the benefits of GST.”
The majority of Customs and Income Tax services as well as all significant taxpayer services under GST have gone digital.
According to reports, India’s overall GST collection increased to Rs 1.74 lakh crore in June of this year, 7.7% more than it did in the same month the previous year.
This brings the whole GST mop-up to Rs 5.57 lakh crore for the first three months of the current fiscal year. GST revenue reached a record high of Rs 1.87 lakh billion in April 2023.
Experts claim that the GST changes, which have lowered tax costs and facilitated compliance, have been crucial in promoting economic growth.
According to Prashant Sharma, President of NAREDCO, Maharashtra, “the proposed rationalization of the tax structure, coupled with the new tax regime changes, including the increased standard deduction, will further benefit the salaried class and boost disposable income, positively impacting housing demand.”
After seven years of implementation, the GST system has decreased taxes on mobile phones and household goods, bringing relief and satisfaction to every household.
From 1.05 crore in April 2018 to 1.46 crore in April 2024, the GST taxpayer base grew.
Small taxpayers now face a less compliance cost, and the GST Council has suggested exempting taxpayers with yearly revenue of up to Rs 2 crore from filing an annual report in fiscal 2023–2024.
