Quick Summary
Since the introduction of the Goods and Services Tax (GST) seven years ago, there has been a remarkable 134% increase in the number of new taxpayers. According to data from the state commercial tax department, the number of active taxpayers has surged from 5.08 lakh on July 1, 2017, to 11.95 lakh currently. This growth is attributed to greater formalization of the economy and new investments, as noted by industry experts and tax professionals. Factors Driving the Increase in GST Registrat
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FAQ :
The number of new taxpayers has increased by a remarkable 134% over the seven years since GST was implemented.
Active taxpayers have grown from 5.08 lakh on July 1, 2017, to 11.95 lakh currently.
The increase is attributed to greater formalisation of the economy, new investments, and an improved, taxpayer-friendly business environment.
Yes, mandatory biometric verification was introduced to combat bogus billing scams and tax evasion.
The mandatory biometric verification led to a noticeable decline in fresh GSTIN applications, with a decrease of around 25% between November 2023 and May 2024.
Despite measures to curb fraud, the overall trend for active taxpayers remains positive, driven by new investments and industry expansion.
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