Union Finance Minister Piyush Goyal presided over an event organised on completion of first year of implementation of the historic tax reform of GST in New Delhi. While Union Minister, Arun Jaitley addressed the gathering via Video Conference. Jaitley termed the implementation of GST as the country’s monumental economic reform. Jaitley said that The seamless flow of goods and services across the country has made ‘Doing Business’ simpler.
The GST is expanding the tax base of the less developed consuming states significantly, which will provide more resources for them to devote for development purposes. Jaitley said that Key future actions in GST will include further simplifying and rationalizing the rate structure and bringing more products into the GST.
Finance Minister Piyush Goyal said that the implementation of GST proved the success of cooperative federalism of the country. He also said that GST System has brought transparency for consumers as they now know how much tax they are paying while paying for goods & services.
Finance Secretary Hasmukh Adhia has said that GST day celebrates the spirit of cooperative federalism and success of GST. He also hailed the efforts of GST council and cooperation from states in implementation of GST.
Prime Minister Narendra Modi Congratulated countrymen on the special occasion of GST completing 1 year. In a tweet, the PM said, “A vibrant example of cooperative federalism and a ‘Team India’ spirit, GST has brought a positive change in the Indian economy. He further added that GST has brought growth, simplicity and transparency. It is: Boosting formalisation. Enhancing productivity. Furthering ‘Ease of Doing Business.’ Benefitting small and medium enterprises.”
Journey of GST during the past one year:
– 48 lakh enterprises were added in 1 year with the GST.
– 66 lakh enterprises registered since independence till introduction of GST.
– Around 350 CRORE invoices were processed during the past one year.
– Number of Returns filed are over 11 CRORE while number of E-Way bills generated is over 10 CRORE.
– The GST simplified the composition scheme with concessional rate for taxpayers with an annual turnover of upto Rs. 1 crore.
– No GST to be paid on advances received for supply of goods.
– More than Rs. 45,000 crore of GST refunds were disposed-off till date.
– The E-Way Bill ensures easy movement across the country.
From Returns to Refund, everything is now done online. India is now moving from Inspector Raj to Information Technology. Under the GST, large number of items of daily usage were either exempted or in 5% slab also 95% of items fall in/below 18% slab.