Union Budget 2024: GST Reduced Tax Incidence on Common Man, To Be Expanded to Remaining Sectors
'It is a success of vast proportions. To multiply the benefits of GST, we will strive to further simplify and rationalise the tax structure and endeavour to expand it to the remaining sectors,' said Finance Minister Nirmala Sitharaman.
New Delhi, July 23: The Centre on Tuesday said Goods and Services Tax (GST) has decreased tax incidence on the common man, reduced compliance burden and logistics cost for trade and industry, and enhanced revenues of the Central and state governments. The Union Budget 2024-25 indicated that GST will be expanded to the remaining sectors.
“It is a success of vast proportions. To multiply the benefits of GST, we will strive to further simplify and rationalise the tax structure and endeavour to expand it to the remaining sectors,” said Finance Minister Nirmala Sitharaman. Union Budget 2024: Finance Minister Nirmala Sitharaman Gives Relief to Salaried Class on Income Tax Slabs and Standard Deduction (Watch Video).
All the major taxpayer services under GST and most services under Customs and Income Tax have been digitised. India's gross GST collection rose to Rs 1.74 lakh crore in June this year representing a 7.7 per cent increase over the same month last year, according to sources.
This takes the total GST mop-up for the first three months of the current financial year to Rs 5.57 lakh crore. In April 2023, GST collection had soared to a record high of Rs 1.87 lakh crore. According to experts, the GST reforms, which have eased compliance and reduced tax burdens, have been instrumental in driving economic growth. Union Budget 2024: Finance Minister Nirmala Sitharaman Lays Out Roadmap To Pursue 9 Priorities for Shining India Opportunity.
“The proposed rationalization of the tax structure, coupled with the new tax regime changes, including the increased standard deduction, will further benefit the salaried class and boost disposable income, positively impacting housing demand,” said Prashant Sharma, President, NAREDCO, Maharashtra.
The GST regime, which has completed seven years of implementation, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones.
The GST taxpayer base increased to 1.46 crore in April 2024 from 1.05 crore in April 2018. The compliance burden was reduced for small taxpayers, and the GST Council has recommended waiving the annual return filing requirement for taxpayers with an aggregate annual turnover of up to Rs 2 crore in fiscal 2023-24.
(The above story first appeared on LatestLY on Jul 23, 2024 02:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).