GST Day: Our tax base nearly doubled from 66.25 lakhs to 1.28 cr in 4 years; GST revenues crossed Rs 1 lakh crore-mark for 8 months in a row: FM Nirmala Sitharaman
GST Day: Our tax base nearly doubled from 66.25 lakhs to 1.28 cr in 4 years; GST revenues crossed Rs 1 lakh crore-mark for 8 months in a row: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Thursday said that the tax base in the last four years have almost doubled. She was speaking to the media on the sidelines of 4th anniversary of GST. "Our tax base has almost doubled from 66.25 lakhs to 1.28 crores. For 8 months in a row, GST revenues crossed Rs 1 lakh crore-mark & we've seen record GST revenue collection of Rs 1.41 lakh crore in April 2021," ANI quoted finance minister saying this.
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While congratulating taxpayers on the GST Day, the finance minister said GST has made technical glitches a thing of a past. "GST Network capacity has been suitably upgraded so that technical glitches & system overload are thing of past ensuring smooth filing experience for taxpayers. Would like to thank & congratulate people, especially taxpayers, whose support & faith in our govt have made GST a reality," the minister further said.
She said commendable work has been done in the year gone by both in the area of facilitation & enforcement with numerous cases of fraudulent dealers & ITC being registered. "The enhanced revenue collection in recent months should now be the 'new normal," she added.
Meanwhile, the Central Board of Indirect Taxes and Customs announced that the burden of late fee under GST has been reduced. The CBIC is responsible for administering indirect taxes in India. The move is to reduce the burden of late fee on GST taxpayers. Late fee has been capped in respect of returns for ax period June2021, onwards.
Earlier on June 30, the Finance Ministry updated that more than 66 crore GST returns have been filed so far, and lower tax rates have helped increase compliance, reported news agency PTI.
A nationwide GST, which subsumed 17 local levies like excise duty, service tax, and VAT, and 13 cesses, was rolled out on July 1, 2017.
In a series of tweets, the ministry said GST has simplified compliance for all taxpayers and the GST Council also recommended several trade beneficial clarifications in light of the Covid-19 pandemic.
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