Finance Minister Nirmala Sitharaman has highlighted the Finance Ministry’s commitment to not only increasing GST revenue but also bringing all business establishments within its purview.
Speaking at the inauguration of 12 GST Suvidha Kendras in Gujarat, Sitharaman emphasized the importance of seamless GST registration and prompt issue resolution for businesses.
The implementation of GST, known as “one nation one tax,” has led to a consistent rise in tax collection month after month. Sitharaman highlighted how GST has reduced tax rates on various items compared to the previous tax system, reassuring business owners that they will no longer face double taxation. This has contributed to the growth in GST revenue.
Despite these positive developments, Sitharaman acknowledged that some establishments continue to operate outside the formal economy and remain unregistered under GST.
She stressed that their inclusion in the tax net is crucial not only for their own benefit but also for the overall strength and formalization of the economy.
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Sitharaman explained that staying outside the formal economy is detrimental, both to the country and to individuals. She debunked the belief that staying off the radar provides advantages, noting that it results in missed opportunities with potential buyers.
Encouraging broader participation, she emphasized the need for equal attention to be given to tax collection, ensuring a transparent tax regime that benefits the entire nation.
During the event, five individuals were awarded Rs. 10 lakh each through a draw for uploading their paid GST bills on the government portal. Sitharaman congratulated the winners and emphasized the significance of every consumer contributing to the country’s development by diligently maintaining bills. She also expressed appreciation for those who uploaded bills but didn’t win, encouraging all consumers to actively participate.
Highlighting recent achievements, it was announced that October 2023 recorded the second-highest GST revenue collection ever, second only to April 2023, reaching Rs. 1.72 trillion.
The opening of the GST Suvidha Kendras was attended by Gujarat Finance Minister Kanu Desai and officials from the State GST department. The centres are established in 12 cities across Gujarat, including Ahmedabad, Rajkot, and Panchmahals.