GST an engine for driving domestic consumption: Govt
Giving a comparison of the tax rates of various goods pre and post-GST rollout, the government said from streamlining processes to boosting investments, GST has been a catalyst for progress.
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NEW DELHI: Goods and Services Tax (GST) has acted as an engine for driving domestic consumption and helped households save on monthly bills since its implementation six years ago, the government said on Friday.
Giving a comparison of the tax rates of various goods pre and post-GST rollout, the government said from streamlining processes to boosting investments, GST has been a catalyst for progress.
“The implementation of GST has made it easier for taxpayers to comply with tax law and this can be seen in the fact that the number of registered taxpayers has increased from 1.03 crore that enrolled into GST by April 1, 2018 to 1.36 crore by April 1, 2023,” the office of Finance Minister Nirmala Sitharaman tweeted.
The monthly GST revenues, which used to be Rs 85,000-95,000 cr when GST was launched in 2017, have soared to around Rs 1.5 lakh crore and is moving northwards. It had touched an all-time high of Rs 1.87 lakh crore in April 2023.
