GUWAHATI: The Goods and Services Tax (GST) has emerged as a key player in reducing the compliance burden on trade and industry, ushering in positive fiscal changes.
Recent data reveals a substantial growth in the tax base, with the average monthly gross GST collection soaring to an impressive ₹1.66 lakh crore this year.
The comprehensive implementation of GST has not only streamlined tax processes but has also played a pivotal role in doubling the tax base. This increase in tax coverage signifies a more inclusive and efficient taxation system, benefiting both trade and industry by reducing compliance complexities.
States, too, have witnessed significant advantages with the implementation of GST. The State Goods and Services Tax (SGST) revenue, including compensation released post-GST, has achieved a buoyancy factor of 1.22. This points towards a robust and sustainable revenue model for the states, creating a positive ripple effect on their economic landscapes.
One of the most noteworthy outcomes is the tangible benefit experienced by consumers. The reduction in logistics costs and the subsequent decrease in the prices of various goods and services have translated into substantial savings for consumers nationwide. This consumer-centric approach is a direct result of the efficiency brought about by GST implementation.
