GST has completed 8 years, now emphasis will be to increase business and improve better compliance
GST Completes 8 years: The Finance Ministry said on Tuesday that the emphasis of the Goods and Services Tax (GST), which has completed 8 years, will now be on facilitating business, ensuring strong compliance and promoting comprehensive economic inclusion. The GST, implemented from July 1, 2017 by including a total of 17 taxes and 13 centers, has helped to create a uninterrupted national market by simplifying compliance and digital of tax systems. It has also expanded the taxpayer base and has strengthened cooperative federalism.
The Finance Ministry issued the ‘Report Card on completion of GST’ on the completion of GST ‘and said that the Goods and Services Tax is entering its 9th year. It is developing by giving priority to strong compliance and comprehensive economic inclusion with simplifying the business. This is strengthening its role in furthering India’s economic progress.Also Read: GST has a treasure of government fiercely, collection crosses 2 lakh crores in May
The gross GST collection in the first year (9 months) of operation was Rs 7.40 lakh crore. It has increased rapidly over the years. In FY 2024-25, the gross GST collection record reached Rs 22.08 lakh crore, which is an increase of 9.4 percent on an annual basis. This growth reflects the organized economy to be organized and better tax compliance.
Annual GST revenue increased by almost 3 times: The annual GST revenue is almost 3 times. It increased from Rs 7 lakh crore for the financial year 2017-18 to Rs 22 lakh crore in FY 2024-25. The growth of continuous double digits not only indicates a strong economy, but also indicates better compliance, low tax evasion and a mature, technology-manipulating environment with low taxpayer burden.Also Read: All records of GST collection crossed 2.37 lakh crore rupees for the first time, know what percentage increase
The Finance Ministry said that India’s GST collection reached its highest level of Rs 2.37 lakh crore in April 2025. More than 162 crore GST returns have been filed by May 2025. It only explains a streamlined, digital-digger system adopting and increasing trust in 8 years.Also Read: ICICI Prudential Life received GST notice of Rs 3.67 crore, company filed an appeal
GST was divided into 5 parts: GST has integrated indirect taxes in a simplified system with standardized slabs (0 percent, 5 percent, 12 percent, 18 percent and 28 percent) and uninterrupted registration, a centralized digital platform for filing and payment. This led to a decrease in compliance cost and ease of doing business.
GST remains the cornerstone of India’s economic reforms, 8 years after being implemented in 2017, which is changing indirect taxes with a systematic, integrated tax system. The Finance Ministry said that by promoting a common national market, GST has increased efficiency, reduced business costs and transparent taxation. (Language)
Edited by: Ravindra Gupta
