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AVERAGE MONTHLY GROSS GST COLLECTION DOUBLES TO ₹1.66 LAKH CRORE STATES SGST REVENUE ACHIEVES BUOYANCY OF 1.22 IN POST-GST PERIOD BIGGEST BENEFICIARIES OF GST ARE CONSUMERS, SAYS FM The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Interim Budget 2024-25 in Parliament today asserted that by unifying the highly fragmented indirect tax regime in India, GST has reduced the compliance burden on trade and industry. According to a recen
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FAQ :
The average monthly gross GST collection has nearly doubled to ₹1.66 lakh crore.
GST has unified the indirect tax regime, reducing the compliance burden on trade and industry. A survey indicates 94% of industry leaders view the transition positively, with 80% noting supply chain optimisation.
States' SGST revenue has achieved a buoyancy of 1.22 in the post-GST period (2017-18 to 2022-23), a significant increase compared to the pre-GST period (0.72).
The biggest beneficiaries of GST are the consumers, as reduced logistics costs and taxes have led to lower prices for most goods and services.
Yes, steps taken to facilitate international trade have resulted in a decline in import release time by up to 47% at Inland Container Depots, 28% at air cargo complexes, and 27% at sea ports over the last four years.
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