Apparently, the choice to not launch month-to-month information coincided with the seventh anniversary of the brand new oblique tax system, which subsumed 17 taxes and 13 cesses of the Central and State Governments. In the meantime, the Finance Ministry did come out with some information and statements by a sequence of social media posts to focus on achievements over the last seven years.
Whereas June’s assortment grew eight per cent yr over yr, it was flat month over month. Could’s assortment was ₹1.73 lakh crore. In line with the most recent figures, assortment within the first three months has reached Rs 5.57 lakh crore. Sources mentioned that higher compliance and consumption have improved assortment.
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Earlier within the day, in a social media put up, the Finance Ministry mentioned that with diminished tax charges on family items after implementation, seven years of GST has introduced “happiness and reduction to each residence” by decrease GST on family home equipment and cell phones. The Theme of seventh GST Day is Sashakt Vyapar Samagra Vikas (Empowered Commerce, Total Progress), the Ministry mentioned.
GST compliance and taxpayer base
The GST taxpayer base has elevated to 1.46 crore in April 2024 from 1.05 crore as of April 2018. “We now have witnessed a quantum soar in taxpayers base together with improved compliance,” Central Board of Oblique Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal mentioned.
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Giving comparative charts of pre- and post-GST tax charges of family items, the Ministry mentioned GST has enhanced the convenience of dwelling with each family saving on expenditure on meals objects and objects of mass consumption after GST implementation.
The speed of meals objects like unpacked wheat, rice, curd, and lassi, which have been taxed at 2.5-4 per cent earlier than GST implementation, is at nil after the GST rollout. Family items like cosmetics, wristwatches, sanitary plastic ware, doorways and home windows, furnishings and mattresses are taxed at a decrease fee of 18 per cent within the GST regime, decrease than 28 per cent within the erstwhile excise and VAT regime.
The ministry mentioned cell phones, TVs as much as 32 inches, fridges, washing machines, electrical home equipment (apart from air conditioners), geysers and followers, which attracted 31.3 per cent taxes within the pre-GST period, at the moment are within the 18 per cent tax slab in GST regime.
It additional mentioned the compliance burden was diminished for small taxpayers, and the GST Council has beneficial to waive off annual return submitting requirement for taxpayers with combination annual turnover of as much as ₹2 crore in fiscal 2023-24.
The quarterly return submitting and month-to-month cost of taxes (QRMP) scheme has diminished the variety of returns filed in a yr from 24 to eight for greater than 44 lakh small taxpayers; IFF (Bill furnishing Facility) ensured the seamless passage of ITC (Enter Tax Credit score), the ministry added.
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