Now State Exports Easy to Access Thanks to GST Regime

GST has not only increased the indirect tax base but also revealed the hidden face of Indian economy. GST has opened many folds after analyzing the facts and put shocking data in front of India. This is the first time when it is possible to estimate the total exports amount in the states.

Furthermore, how many people are working in the organized sector, this information also revealed by the initial data and it will be helpful for government in policy-making. The GST council can work with authority body in implementing the sensitive pending issues.

The ‘Economic Survey 2017-18’ proposed by the FM, Arun Jaitley in Lok Sabha. The survey says that after GST implementation, the indirect tax base has approximately increased by about one and half times. Until December 2017, approximately 98 lakh traders have registered under the law than previously registered 34 lakh people. Before GST implementation, traders, business, and many companies had registered in different types of taxes, and combining the figure suggest GST has increased the indirect tax base approximately 50%.

The Uttar Pradesh and West Bengal informed about the broadening of tax base and revenue collection growth. It is GST, now the estimation of exports from different states is possible. Five states including Gujarat, Maharashtra, Tamil Nadu, Telangana, and Karnataka export approximately 70% of total Indian exports. The states where international exports and business go well, the living standard is also high.

One more fact revealed now is that top 1% companies in India export only 38% which is low while comparing with 72% in Brazil, 67% in Mexico, 55% in the US, and 68% in Germany. Based on GST data, it is also tried to find out that Indian organized sector covers how much employment scope. According to the estimated report, around 53% out of 24 crore non-agricultural workers are in organized sectors. It is also revealed that the internal market of India is 60% of GDP and it is high than before estimated data.

Read Also: GST E Way Bill Registration Guide on Official Government Portal in India

In the economic survey, the GST, which combined the states and centre, is named as ‘Cooperative Federalism Technology’. The survey says the estimations after GST implementation can be utilized in increasing earnings of the farmers and improving pending issues.

Rekha Rawat (Ex-Employee)

Rekha Rawat here, I am a content writer and engineer. Being a plethora, I love to explore new fields. I try my best to deliver impeccable content. Currently, I am working in SAG Infotech Private Limited as a content writer.

Recent Posts

No GST Returns Will Be Accepted If Filed More Than 3 Years Past Their Due Date

An advisory has been released by the Goods and Services Tax Network (GSTN) which notifies…

14 hours ago

Delhi HC: Two Judgment Orders Against One SCN Cannot Be Accepted for the Same Period

It was cited by the Delhi HC that the two adjudication orders against one SCN…

16 hours ago

CBDT Allows Electronic Filing of Forms 3CEDA and 3C-O Via Notification No. 5/2024

The Central Board of Direct Taxes (CBDT) in an update for the taxpayers via the…

17 hours ago

October 2024 Records the 2nd Highest GST Collection, Driven by Domestic Sales

In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second…

19 hours ago

UP AAR: GST Will Be Levied on the Installation of Electricity Distribution Systems by DISCOMs

Goods and Services Tax (GST) is to get paid on the procurement of materials and…

2 days ago

Bombay HC Quashes Rejection Order for Voluntary GST Cancellation Due to Lack of Stated Reasons

The Bombay High Court carried that as the revocation orders for the registration cancellation on…

3 days ago