As GST or Goods and Services Tax completes one year today, several Union ministers including Prime Minister Narendra Modi took to microblogging site Twitter to hail the achievements under the current indirect tax regime. PM Modi described GST as a tool that has brought growth, simplicity and transparency. The government has announced July 1 as 'GST Day', to mark the first anniversary of the launch of the new indirect tax regime. "One nation, one tax and one market due to GST has led to economic growth, simplicity for people and transparency in the economy," said finance minister Piyush Goyal.
Congratulate the Nation on completion of one year of GST - the most transformative tax reform in India ever. One Nation, One Tax and One Market due to GST has led to economic growth, simplicity for people and transparency in the economy #GSTforNewIndia
Former finance minister Arun Jaitley also took the occasion and tweeted that GST has resulted in increased formalisation and greater tax compliance. Mr Jaitley said total tax base has increased. The first quarter of FY19 shows that personal income tax collection has increased 45 per cent.
1st July 2017 marked the introduction of #GST in India, a historic & game changer reform. #GSTAtOne year has resulted in increased formalisation and greater tax compliance. On this landmark day, I convey my best wishes to people, state governments & officials.
In the last one year, 48 lakh firms have been added with GST and 350 crores of invoices have been processed, according to the Prime Minister's official Twitter account. The number of returns filed stand at over 11 crore and the number of E-Way bills generated at over 10 crore, it noted.
GST has brought growth, simplicity and transparency. It is:
Boosting formalisation.
Enhancing productivity.
Furthering ‘Ease of Doing Business.'
Benefitting small and medium enterprises. #GSTForNewIndia pic.twitter.com/IGGwUm59rBThe tweet also mentioned some other achievements of the GST:
Opportunities for small and medium enterprises: Businesses with annual turnover of less than Rs 20 lakh are exempted from GST, and entities with annual turnover of Rs 1.5 crore need to file return in GSTR 1 form only on quarterly basis.
On ease of doing business, it said that more than Rs 45,000 crore of GST refunds have been disposed off till date.
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