GST system completes 4 years, Sitharaman lauds the system success despite pandemic

 It has been four years since the Goods and Service Tax (GST) system was implemented in India. Addressing the landmark, Finance Minister Nirmala Sitharaman said that majority of challenges around providing stability with the new tax regime have been beaten.

This includes the two waves of the Coronavirus pandemic that subsequently impacted all global economies. She also underlined that the tax base has doubled in India. 

Sitharaman said in a written note, “In the last four years, our tax base has almost doubled from 66.25 lakh to 1.28 crore. For eight in a row, GST revenues have cross Rs 1 lakh crore and we have seen record collection of Rs 1.41 lakh crore in April. The enhanced revenue collection in recent months should be the ‘new normal’.” 

“Would like to thank and congratulate the people of India, especially the tax payers, whose unstinted support and faith in our government have made GST a reality.

Its positive externalities such as a unified market, removal of cascading and improved competitiveness of goods and services has helped spur economic growth taking us further on the path of prosperity,” Sitharaman said. 

The minister noted that achieving this in a large country like India is a remarkable achievement. “The GST Council has shown immense sagacity and wisdom in redressing legitimate concerns of taxpayers and citizens by course correction whenever needed. This has manifested itself not just in measures to ease the compliance burden on taxpayers, but especially MSMEs, but also reducing the tax burden on the common man,” she noted.

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“Two COVID relief packages which, inter alia, involved late fee waiver, interest rate reduction, relaxation of timelines and conducting refund drive for increasing liquidity in the hands of the taxpayer were implemented,” she added. 

Sitharaman said that GST on vaccines, essential medications and products or services for treatment of Covid-19 were also reduced. “The Quarterly Return and Monthly Payment Scheme, e-invoicing and auto-population of returns under the REAP project have substantially reduced the compliance burden on taxpayers making their life simpler and better,” the minister stressed.

She expressed her condolences for loss of 189 officers and staff members of CBIC (Central Board of Indirect Taxes and Customs) on line of duty during pandemic.

She shared that CBIC is releasing a book to pay homage to all these personnel. Furthermore, today CBIC is felicitating approximately 54,000 taxpayers under the GST system. Referring to this initiative by CBIC, Sitharaman said, “May their actions inspire others to put in their level best effort in the interest of the nation.”