Monday, August 2, 2021

Country’s biggest tax reform, GST system completes four years today

The Goods and Services Tax (GST) system, the country’s biggest tax reform, completes four years today. During these years, several key policy initiatives were taken by the government to make the GST system and compliance mechanism simple, transparent and technology-driven.

GST is a remarkable example of cooperative federalism wherein all the decisions have been taken in GST Council through consensus.

Prime Minister Narendra Modi has said,  GST has been a milestone in the economic landscape of India. Mr Modi said, it has decreased the number of taxes, compliance burden and overall tax burden on the common man while significantly increasing transparency, compliance and overall collection.  The Finance Ministry said, the government will honour 54 thousand 439 taxpayers.

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