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
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