New Delhi, Sep 22 (IANS) The Goods and Services Tax (GST) is considered one of the biggest economic reforms of the Modi government. It has simplified the indirect tax process.
Due to this, GST collection is also increasing year after year. GST collection was Rs 1.75 lakh crore in August 2024. It has seen an increase of 10 percent on an annual basis, GST collection in August last year was Rs 1.59 lakh crore.
The central government is constantly working to simplify the GST process as it helps in reducing logistics costs and making it easier to do business. Keeping this in mind, the central government is focusing on simplifying the GST process.
In the General Budget 2024, Union Finance Minister Nirmala Sitharaman emphasized on simplification of tax laws and adoption of technology. The Union Finance Minister indicated in Budget 2024 that the arrival of GST 2.0 will help unlock business potential. Along with this, it will help in creating a favorable environment for business.
Tax experts say that GST 2.0 will bring a big change in India. It will not only be an update of GST laws, but it will also make the GST system more transparent, simple and business friendly. Its arrival can also address long-standing demands from industries such as tax simplification etc.
GST 2.0 will simplify the tax process. This will support rapid growth rate and increase India’s competitiveness at the global level. In the first five months of the financial year 2024-25, GST collection has increased by 10.1 percent year-on-year to Rs 9.14 lakh crore. The total GST collection in the financial year 2023-24 was Rs 20.18 lakh crore. It saw an increase of 11.7 percent as compared to the previous year.
–IANS
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