New Delhi: Minister of State Finance and Corporate Affairs Anurag Thakur on Thursday has lauded the Goods and Services Tax (GST) and said that the new tax regime has proven to be a game-changer for the Indian economy.
In a statement issued by Thakur, he said that four years ago, the Central government under the guidance of Prime Minister Narendra Modi introduced GST which has helped in boosting the economy of the country.
He said that on July 1, 2017, GST was implemented across the country by abolishing 17 local taxes. And today GST has proved to be a game changer in boosting the economy.
“Any large-scale reform in a country as large and diverse as India can be extremely challenging. On the day of the implementation of GST, PM had said that practical problems would be solved with time. The problems that were being faced in the implementation of GST over time have been better resolved” he said.
“The taxpayer base has almost doubled from Rs 66.25 lakhs to Rs 1.28 crores in the last four years. Tax officials also have a commendable role in tackling GST frauds,” said Thakur.
He further said that PM Modi has called GST as good and simple scheme. He said that despite the pandemic, the GST revenue has been continuously crossing the figure of Rs 1 lakh crore for the last eight months and in April 2021, a record GST revenue of Rs 1.41 lakh crore has been collected.
“Today 1.28 crore registered entrepreneurs are benefitting from GST” he added.
Thakur said that since the implementation of the GST, more than 66 crore returns have been filed so far. Tax compliance has increased due to lower rates under GST and GST revenue has increasing gradually during this period.
Anurag Thakur said, “Over 54,000 GST taxpayers will be honoured by the Finance Ministry. These taxpayers will be felicitated with appreciation certificates for timely filing of returns and making cash payment of tax.
“More than 88 percent of these identified taxpayers are micro, small and medium entrepreneurs. This includes micro (36 percent), small (41 percent) and medium scale entrepreneurs (11 percent). These entrepreneurs hail from different states and union territories where these goods supply and service providers operate” he said.