India has seen rapid changes in the tax system in recent times. The updates and changes in the system have given the public and investors a major uplift and given a boost to the system in recent times.
The Goods and Services Tax (GST) collections in August, in gross terms, rose 6.5 per cent to about ₹1.86 lakh crore compared to about ₹1.74 lakh crore in the same month last year, according to official data released Monday.
In the month of August, collections of Central-GST, State-GST, Integrated-GST, and cess all jumped year-on-year.
GST Growth Over the Years
The recent GST collections reflect a positive trajectory for India’s economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country’s fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties.
The Goods and Services Tax was introduced in the country with effect from July 1, 2017. States were assured compensation for any revenue loss due to GST implementation under the GST (Compensation to States) Act, 2017, for a period of five years.
The GST Council, formed under the Constitution to guide GST policy, plays a key role in shaping the system. It is chaired by the Union Finance Minister and includes state finance ministers and other top officials.
Since its formation in 2016, the Council has held 55 meetings, taking several important decisions to simplify and improve the GST framework.
Prime Minister Narendra Modi, in his Independence Day speech on August 15, announced that a next-generation GST reform is expected by Diwali. The next GST Council meeting is scheduled for September 3–4 in Delhi, where this reform agenda will likely be discussed.
(From ANI)
Also Read: GST Shake-Up: GoM Greenlights 5% & 18% Slabs, Is This The Big Reform India’s Been Waiting For?
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