According to a statement released by industry group Assocham quoting Chief Executive of GSTN Manish Kumar Sinha, there are plans to disclose additional tax data related to location and industry to the public through the Goods and Services Tax Network (GSTN), a body responsible for processing GST returns.
Sinha mentioned during an event that a committee is currently deliberating on the release of more data to the public. This data will provide greater insights into specific geographic and industry-related details based on GST data.
By analysing detailed GST information, we can gain valuable insights into the regions involved in exporting, consuming, and engaging in interstate trade of various goods and services.
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Businesses can utilise this information to effectively organise their operations and logistics. Moreover, researchers and policymakers could also benefit from accessing such data.
During a speech, Shashank Priya, the CBIC Member for GST, highlighted that the number of registered taxpayers has significantly increased from 67.83 lakhs at the launch of GST to approximately 1.40 crore presently.
The implementation of domestic GST law has now reached a state of balance. Initially, it was complex and challenging to comprehend, limiting its understanding to a select few. However, both trade and officials are now well-versed in the GST law.
