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'Exemplar' GST regime reduced burden on people: FM
Hindustan Times
|July 02, 2023
The Goods and Services Tax (GST) regime is an "exemplar" that reduced tax burden on people, brought ease of compliance and created an efficient federal institution with high revenue buoyancy for states, finance minister Nirmala Sitharaman said on Saturday, citing media reports calling the ₹1.6 lakh core monthly collection as the new normal.
At a separate event earlier in the day, the finance minister said the public sector banks' profit in the last nine years has tripled to ₹1.04 lakh crore due to initiatives taken by the government and underlined the need for continuing the momentum to fuel the economy.
Hours after the release of GST revenue figures for June at ₹1.61 lakh crore, the third highest monthly collection, and recollecting economic devastation during the pandemic, Sitharaman said it is a "completely unbelievable story of sheer dedication, commitment, and grit" of the officials who made it possible.
She was speaking on the sixth anniversary of the launch of GST in the national capital organised by the Central Board of Indirect Taxes and Customs (CBIC).
This story is from the July 02, 2023 edition of Hindustan Times.
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