ntroduced seven years in the past, the Items and Providers Tax (GST) has simplified compliance, improved tax buoyancy and elevated states’ revenues, however challenges nonetheless exists.
Rolled out on July 1, 2017, Items and Providers Tax (GST) streamlined 17 taxes and 13 cesses right into a 5-tier construction, simplifying the tax regime.
In seven years, the variety of registered taxpayers has risen to 1.46 crore from 65 lakh in 2017. Common month-to-month GST revenues, soared from round ₹90,000 crore in 2017-18, to about ₹1.90 lakh crore in 2024-25.
The turnover threshold for registration rose to ₹40 lakh for items and ₹20 lakh for companies (up from ₹5 lakh on common underneath VAT). GST additionally lowered 495 completely different submissions (challan, types, declarations, and many others) throughout states to simply 12.
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