Terming the Goods and Services Tax (GST) a “milestone in the economic landscape of India”, Prime Minister Narendra Modi on Wednesday said it has decreased the number of taxes and has increased transparency.
“GST has been a milestone in the economic landscape of India. It has decreased the number of taxes, compliance burden and overall tax burden on the common man while significantly increasing transparency, compliance and overall collection,” Prime Minister Modi tweeted as GST regime completes four years today with a hashtag #4yearsofGST.
In a tweet, the Ministry of Finance said, “The GST Composition Scheme was revamped over the years. Service providers were included under the Scheme, and the limit for manufacturers and traders has increased from Rs 1 crore to Rs 1.5 crore a year. These measures benefitted more than 25 lakh taxpayers. #4yearsofGST.”
According to a statement issued by the Finance Ministry on June 5, the gross GST revenue collected in May was at Rs 1,02,709 crore.
Of this, central GST was Rs 17,592 crore, state GST Rs 22,653 crore, integrated GST Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and cess Rs 9,265 crore (including Rs 868 crore collected on import of goods).
During May, the government has settled Rs 15,014 crore to CGST and Rs 11,653 crore to SGST from IGST as regular settlement.
The Finance Minister said earlier today tweeted, “GST has reduced the rate at which people have to pay tax. The revenue-neutral rate as recommended by the RNR Committee was 15.3 per cent. Compared to this, the weighted GST rate at present, according to the Reserve Bank of India (RBI), is only 11.6 per cent. #4yearsofGST.”