Finance Minister Nirmala Sitharaman has emphasized the Finance Ministry’s commitment to expanding the scope of the Goods and Services Tax (GST) in a recent event held in Gujarat.
The occasion marked the inauguration of 12 GST Facilitation Centers in the state, aimed at simplifying GST registration for businesses and resolving their issues.
GST Revenue on the Rise
Sitharaman noted the continuous growth in GST collection and highlighted the reduced tax rates on various items.
Under the GST framework, traders are no longer subject to double taxation, unlike the previous tax system. This contributes to the increasing GST revenue.
Addressing the Gap
Despite this, Sitharaman acknowledged that several businesses remain outside the GST framework and the organized economy.
She stressed the importance of their inclusion, not for the sake of taxation, but to strengthen the overall economy.
She emphasized that a thriving, organized economy benefits both the nation and its individuals.
Lost Opportunities
Sitharaman pointed out that businesses outside the GST purview miss out on potential buyers.
She called for a dual focus on tax collection and expanding the GST base to ensure a transparent tax system that benefits everyone.
Recognition for GST Bill Uploads
During the event, five individuals received prizes of Rs 10 lakh each through a lottery for uploading their GST bills on the government portal.
Sitharaman applauded their efforts and encouraged all consumers to keep their bills.
Gujarat Finance Minister Kanu Desai and state GST department officials were also present at the event.
