- GST introduced 7 years ago has simplified compliance and increased tax revenues
- Turnover threshold for registration rose to Rs40 lakh for goods and Rs20 lakh for services
- Number of registered taxpayers increased to 1.46 crore from 65 lakh in 2017
- Average monthly GST revenues increased from Rs90,000 crore to Rs1.90 lakh crore
- GST improved tax buoyancy and state revenues remain buoyant
- Effective weighted average GST rate has consistently fallen since 2017
- GST has exempted essential items and services
- DGGI detected tax evasion of over Rs1.98 lakh crore in 2023
- GST Appellate Tribunal expected to streamline dispute resolution process
Source: bizzbuzz.news
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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