The goods and services tax (GST) crossed the Rs. 2 lakh crore-mark in April 2024, showing a 12.5% growth year-on-year. The number of taxpayers under GST has nearly tripled to 14.6 million from 5.95 million since its introduction in 2017. Union Finance Minister Nirmala Sitharaman noted that GST has improved tax buoyancy and state revenues remain buoyant despite compensation ending. The dynamism of GST revenues has strengthened, with April showing a surge in collection figures due to economic activities and year-end compliances.
Source A2ztaxcorp
Latest Posts in "India"
- FM Sitharaman Confirms GST Rate Cut Implementation on September 22, 2025
- Government Reduces GST Across Sectors, Prices to Drop from September 22, Boosting Consumer Demand
- GST Council Proposes Major Tax Reforms: Simplified Rates, Exemptions, and Reductions
- India’s GST Council Recommends Tax Exemptions, Simplified Structure, and Rate Reductions Effective September 22
- Nirmala Sitharaman Explains GST Reforms Using Popcorn Example to Highlight Classification Challenges
