GST has helped states earn 24% more than the old regime

• GST has helped states earn 24% more than the old regime
• States receive a portion of SGST, IGST, and CGST through devolution
• GST has improved tax buoyancy from 0.72% to 1.22%
• Former chief economic advisor Arvind Subramanian says GST revenue has not surpassed pre-GST levels
• GST is seen as a pro-poor system and has benefited small taxpayers and MSMEs
• The revenue-neutral rate of GST has been consistently falling since 2017
• GST collections as a percentage of GDP have reached pre-GST levels
• Taxes on essential items have been lowered under GST
• National Anti-Profiteering Authority ensures benefits of GST rate rationalisation are passed on to consumers.

Source: a2ztaxcorp.com

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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