Finance Minister Nirmala Sitharaman emphasized that many businesses are still operating outside the Goods and Services Tax (GST) regime, which is not beneficial for the country or individuals. During the launch of 12 GST Suvidha Kendras in Gujarat, aimed at facilitating easy GST registration and resolving issues, the minister stated that the finance ministry’s focus is to bring all businesses under the GST regime and not just to increase revenue from the tax.
The minister highlighted the progress of GST collection, saying that its implementation has brought down tax rates on many items compared to earlier times. She added that businessmen are no longer subjected to double taxation, which was the case earlier. Sitharaman also noted that GST collection is increasing every year and every month due to its implementation.
However, the minister pointed out that many businesses still choose to remain outside the GST regime, which prevents them from being part of the formal economy. She called for an equal focus towards tax collection and including more businesses in the tax ambit. Sitharaman stated that the formalization of the economy can only happen when everybody is onboard, and being out of the formal economy is not beneficial for the country or the individuals. Every business establishment should be included in the tax ambit to benefit the country from having a transparent tax regime.
Sitharaman congratulated five people who were awarded Rs 10 lakh each for uploading their paid GST bills on the government website through a draw. She urged that every consumer should receive bills.
Notably, the GST revenue collection for October 2023 remained the second highest ever after April 2023, at Rs 1.72 lakh crore.Finance Minister Nirmala Sitharaman emphasized that many businesses are still operating outside the Goods and Services Tax (GST) regime, which is not beneficial for the country or individuals. During the launch of 12 GST Suvidha Kendras in Gujarat, aimed at facilitating easy GST registration and resolving issues, the minister stated that the finance ministry’s focus is to bring all businesses under the GST regime and not just to increase revenue from the tax. The minister highlighted the progress of GST collection, saying that its implementation has brought down tax rates on many items compared to earlier times. She added that businessmen are no longer subjected to double taxation, which was the case earlier. Sitharaman also noted that GST collection is increasing every year and every month due to its implementation.
However, the minister pointed out that many businesses still choose to remain outside the GST regime, which prevents them from being part of the formal economy. She called for an equal focus towards tax collection and including more businesses in the tax ambit. Sitharaman stated that the formalization of the economy can only happen when everybody is onboard, and being out of the formal economy is not beneficial for the country or the individuals. Every business establishment should be included in the tax ambit to benefit the country from having a transparent tax regime.
Sitharaman congratulated five people who were awarded Rs 10 lakh each for uploading their paid GST bills on the government website through a draw. She urged that every consumer should receive bills.
Notably, the GST revenue collection for October 2023 remained the second highest ever after April 2023, at Rs 1.72 lakh crore.
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