![GST simplified compliance & improved tax buoyancy](https://cdn.magzter.com/1560517598/1719775453/articles/H81qNSuJv1719782753727/GST-SIMPLIFIED-COMPLIANCE-IMPROVED-TAX-BUOYANCY.jpg)
Introduced seven years ago, the Goods and Services Tax (GST) has simplified compliance, improved tax buoyancy and increased statesâ revenues, but fake invoices and fraudulent registration remain a big challenge for policymakers trying to curb tax evasion.
Rolled out on July 1, 2017, Goods and Services Tax (GST) streamlined 17 taxes and 13 cesses into a 5-tier structure, simplifying the tax regime.
The turnover threshold for registration rose to Rs 40 lakh for goods and Rs 20 lakh for services (up from Rs 5 lakh on average under VAT). GST also reduced 495 different submissions (challan, forms, declarations, etc) across states to just 12.
In seven years, the number of registered taxpayers has risen to 1.46 crore from 65 lakh in 2017. Average monthly GST revenues, soared from around Rs 90,000 crore in 2017-18, to about Rs 1.90 lakh crore in 2024-25.
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!['KALKI 2898 AD' crosses Rs 500 crore-mark at global box office](https://reseuro.magzter.com/100x125/articles/19571/1751466/r2zAsj-xt1719896236497/KALKI-2898-AD-CROSSES-RS-500-CROREMARK-AT-GLOBAL-BOX-OFFICE.jpg)
'KALKI 2898 AD' crosses Rs 500 crore-mark at global box office
Director Nag Ashwin's 3D sci-fi spectacle 'Kalki 2898 AD' has grossed Rs 555 crore worldwide at the box office in its opening weekend, the makers said on Monday.
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Vijay delves into shooting intimate scenes for 'MIRZAPUR'
Varma plays the double role of Chote and Bade Tyagi in the hit web series
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India overcome resilient SA to win one-off Test by 10 wickets
IT IS INDIA'S SECOND 10-WICKET TRIUMPH IN TESTS
European Union accuses Meta of breaking digital rules with paid ad-free option
European Union regulators accused social media company Meta Platforms on Monday of breaching the bloc's new digital competition rulebook by forcing Facebook and Instagram users to choose between seeing ads or paying to avoid them.
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India's mfg sector output rises at sharp pace in June
'Stronger expansion in sales at manufacturers was largely due to buoyant underlying demand, higher export volumes'
AMID TENSIONS OVER SCS - China deploys aircraft carrier off Philippine coast
China has deployed its second aircraft carrier 'Shandong' which was spotted patrolling waters off the Philippine coast as Manila stepped up efforts to assert its claims over a shoal in the disputed South China Sea firmly opposing Beijing's counterclaims.
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French far right leads after legislative elections' 1st round
RIVALS HOPE TO DENY IT A MAJORITY
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âBJPâs fear of defeat prompting hasty movesâ
Former Chief Minister and Leader of Opposition Bhupinder Singh Hooda has said the BJP has realised its defeat in Haryana, which is why it is making announcements in haste to fool the people, but the people are not going to fall into its trap now.
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SC to hear NEET-UG OMR sheet manipulation plea in two weeks
Petitioner alleges OMR sheet swap
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Govt fully committed to improving health infrastructure, says PM Modi
'SALUTE UNWAVERING COMMITMENT OF DOCTORS'